Musk set to step back from Doge after Tesla profits sink

Tesla CEO Elon Musk said he will be reducing his time with the Department of Government Efficiency next month after the company reported disappointing earnings, missing Wall Street expectations.

- MICHELLE DEL REY

Mr Musk said that he would begin to return his focus to his ailing EV brand. He added that the ongoing Tesla blowback, consisting of nationwide protests and violent vehicle attacks, left him with two options: let the government’s waste and fraud continue or fight it.

“I believe the right thing to do is to fight the waste and fraud and get the country back on the right track,” Mr Musk said, announcing he would be reducing his time with the agency in May, though he is determined to stay on for a day or two a week for the remainder of Donald Trump’s term.

Yesterday, the company reported its lowest revenue since Q3 2021, with a revenue of $19.34bn vs a $21.11bn estimate.

Net income fell 71 per cent in the first quarter. The stock is down approximately 40 per cent year-to-date, but rose four per cent in the after-hours market.