Tue, 22 Apr 2025

Tue, 22 Apr 2025 Musk to reduce Doge role after Tesla profits plunge

The tech boss says he intends to spend only one to two days a week on Trump administration matters.

* Tesla's profits and revenues plunged by 20% and 70% respectively in the first three months of the year.
* The company warned investors that changing political sentiment could hurt demand, citing Musk's role in Trump's administration as a factor.
* Elon Musk will cut back his role in the White House, dedicating only one to two days per week to government matters starting next month.
* Tesla brought in $19.3bn in revenue, down 9% year on year, and missed analyst expectations of $21.1bn.
* The company blamed Trump's tariffs on China for weighing heavily on its business, citing "rapidly evolving trade policy" that could hurt its supply chain.
* Musk has clashed with other Trump administration figures over trade policies, including Peter Navarro, who called him a "moron".
* Tesla's shares rose by more than 5% in after-hours trading following the results, but had shed about 37% of their value this year.
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