Today, optimistic investors pushed Tesla shares up 6.5% in pre-market trading after Elon Musk announced that he would reduce his DOGE responsibilities and concentrate on his role as CEO.
So far this year, the automaker’s shares have fallen by approximately 40%. In its quarterly earnings report, Tesla revealed a 71 percent decline in net profit compared to the same period a year earlier.
Tesla’s Q1 revenue was $19.34 billion vs. the $21.11 billion previously estimated.
In Tesla’s earnings call, Musk told investors, “My time allocation will drop significantly,” to a day or two per week from sometime next month since the “large slog of work necessary to get the DOGE team in place and working with the government to get the financial house in order is mostly done.”
“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 as long as it is useful,” he concluded.
Regarding tariffs, Musk said, “I’ve been on the record many times as saying that I believe lower tariffs are generally a good idea, for prosperity.”
By CEO NA Editorial Staff
