Musk Shifts Focus to Tesla Amidst Trade Talks and Share Surge
Elon Musk reduces government role, boosting Tesla shares as trade tensions ease, but profits drop 71% amid criticism of his political involvement.
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Overview
Elon Musk announced he will significantly reduce his involvement with the Trump administration's Department of Government Efficiency, shifting back to Tesla. Despite a 71% profit drop and a 9% revenue decrease in Q1 2025, Tesla shares soared by 6%, buoyed by easing trade tensions and Musk’s renewed focus on the company. Musk described DOGE's work as nearly complete and reassured investors he would oversee the initiative until the end of Trump's term. Tesla aims to launch robotaxi services in Austin by June and develop advanced humanoid robots, despite facing significant challenges and criticism over Musk's political role.
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TechCrunch·2M·FAQ
Elon Musk is reducing his involvement with DOGE to focus more on Tesla due to the company's significant drop in profits and sales, and investor concerns about his divided attention affecting Tesla's performance.
Tesla's profits dropped by 71% and revenues fell by 9% in the first quarter of 2025 compared to the previous year.
Musk's role in the Trump administration and support for far-right politicians have sparked protests and boycotts of Tesla vehicles, damaging the company's brand and contributing to a slump in sales.
Tesla plans to launch robotaxi services in Austin by June and develop advanced humanoid robots, continuing their focus on artificial intelligence and autonomous technology.
Musk will significantly reduce his time spent on DOGE to about one or two days per week and plans to continue overseeing the initiative until the end of President Trump's term or as long as his involvement is useful.
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