WASHINGTON — Elon Musk said Tuesday he will spend more time with Tesla and less with the Trump administration beginning next month, signaling a upcoming change at the White House.
Musk’s comments come amid a massive 71 percent drop in Tesla’s first-quarter profit and revenue. The car company issued a warning the political environment along with the Trump administration’s tariff plans saw stocks fall.
“Starting probably next month, May, my time obligation to DOGE will drop significantly,” Musk said.
“I think I’ll continue to spend a day or two per week on government matters for as long as the president would like me to do so, and for as long as it is useful, but starting next month, I’ll be allocating far more of my time to Tesla, now that the major work of establishing the Department of Government Efficiency is done,” he added.
Musk, the CEO of Tesla, has faced backlash for his work with President Donald Trump, making the company a target for protests and vandalism.
Shares of Tesla were up 4% in after-hours trading. However, the company has lost 50% of its value since mid-December.
In its earnings report, Tesla said “uncertainty in the automotive and energy markets” associated with “rapidly evolving trade policy,” along with “changing political sentiment,” could have “a meaningful impact on demand for our products in the near-term.”
“We remain committed to expanding our business model to include delivering autonomous robots across multiple form factors and use cases — powered by our real-world AI expertise — to our customers and for use in our factories, as we navigate these headwinds,” it said.
Musk said he pressed Trump to change his mind on his tariff policy but the two did not agree.
“I’m one of many advisers to the president. I’m not the president, but I’ve made my opinion clear to the president,” he said. “I’m an advocate of predictable tariff structures.”
