Musk To Devote Less Time To Doge As Tesla Earnings Plummet

[craig nigrelli]

ELON MUSK SAYS HE PLANS TO SCALE BACK HIS WORK WITH THE TRUMP ADMINISTRATION’S DEPARTMENT OF GOVERNMENT EFFICIENCY,  TELLING TESLA INVESTORS TUESDAY THE AMOUNT OF TIME HE DEDICATES TO THE COST-CUTTING TASK FORCE KNOWN AS DOGE,  WILL “DROP SIGNIFICANTLY” NEXT MONTH.

THE ANNOUNCEMENT COMES AS TESLA’S STOCK PRICE HAS PLUMMETED MORE THAN 50 PERCENT FROM ITS MOST RECENT HIGH IN DECEMBER.

THE COMPANY REPORTED A 71 PERCENT DROP IN PROFITS AND A 9 PERCENT DECLINE IN REVENUE FOR THE FIRST QUARTER OF THIS YEAR.

MUSK SAYS HE STILL PLANS TO CONTINUE HIS INVOLVEMENT WITH DOGE THROUGHOUT PRESIDENT TRUMP’S TERM,  BUT HE TOLD INVESTORS HE WILL LIKELY SPEND ONE TO TWO DAYS A WEEK ON GOVERNMENT ISSUES MOVING FORWARD.

AFTER TUESDAY’S CONFERENCE CALL WITH MUSK — INVESTORS SENT TESLA SHARES UP,  MORE THAN 5 PERCENT IN AFTER-HOURS TRADING.