Now that the major work of establishing Department of Government Efficiency is done… I will be allocating far more of my time to Tesla.” — Elon Musk
Elon Musk says he will scale back his involvement in Washington and recommit to running Tesla after the electric vehicle maker reported a steep drop in profits.
“Now that the major work of establishing Department of Government Efficiency is done,” Musk said during a Tuesday earnings call, “I will be allocating far more of my time to Tesla starting in May.” He added, “I now expect to spend just a day or two per week on government matters.”
Tesla reported a 71% plunge in quarterly profits and a 9% revenue decline amid protests over Musk’s government role. “Investors wanted to see him recommit to Tesla,” said analyst Dan Ives. “This is a big step in the right direction.”
Despite the downturn, Musk projected millions of autonomous Teslas by year-end, but experts are skeptical. “The system is not robust enough to operate unsupervised,” said analyst Sam Abuelsamid.
Shares rose over 5% in after-hours trading, though still down over 40% for the year.