Elon Musk has made a major decision to focus all his attention to Tesla as the company’s profit tumble.
The SpaceX founder’s position as the head of Department of Government Efficiency (DOGE) has been blamed for the decline in Tesla’s stocks.
As reported by CNN, on Tuesday, April 22, Elon shared in a meeting with the automaker’s investors that he will be taking a back seat from his controversial position as the head of DOGE.
Elon revealed that he would scale back his work at DOGE to a day or two a week, starting next month.
However, he defended his work with the Trump’s administration saying that it was necessary to cut back on “waste and fraud,” as he urged investors to “look beyond the bumps and potholes immediately ahead of us.”
The change came after Tesla reported that its quarter fell far short of forecasts and that the escalating trade war was ruining the company’s outlook for the rest of the year.
Elon Musk on Trump tariff
Elon did not blame the tariffs’s outcome on President Donald Trump as he shared, “The tariff decision is entirely up to the President of the United States.”
Expressing his position at tariffs, he continued, “I will weigh in with my advice. I’ve been on the record many times saying lower tariffs are a good idea for prosperity. I’ll continue to advocate for lower tariffs rather than higher tariffs. That’s all I can do.”
Tesla profit plunged
The automaker reported that it’s revenue fell 9%, with auto revenue falling 20%.
Along with that adjusted income tumbled 39%, making the loss quite bigger than predicted.
Analysts have been blaming the recent drop in sales and stocks to Elon’s involvement with Trump administration, which has also prompted protests outside Tesla showrooms.
In addition to the US, Europe has also seen a decline in sales after the 53-year-old showed his support for far-right political parties in Germany and the UK.
