Musk signals ‘significantly’ stepping back from Doge as Tesla profits plunge
Tesla boss Elon Musk says he will cut back his role in the Trump administration as the company’s profits and revenues plunged during the first three months of the year.
Sales slumped and the brand has faced backlash as Musk became a political fixture in the White House.
On Tuesday, the firm reported a 20% drop in automotive revenue in the first quarter of 2025, compared to the same period last year, while profits fell more than 70%.
The company warned investors that the pain could continue, declining to offer a growth forecast while saying “changing political sentiment” could meaningfully hurt demand.
The recent dip in the company’s fortunes comes amid outcry over Musk’s role in President Donald Trump’s new administration, which Musk acknowledged has taken his focus off the company.
Source: BBC | Language: English