Tesla CEO Elon Musk said that starting in May he will significantly reduce the time he spends working for the Department of Government Efficiency (DOGE), supported by US President Donald Trump.
This was reported by CNBC, citing Musk’s words.
Amid a more than 40% drop in Tesla shares this year, Musk said that he would continue to help Trump so that “waste and fraud do not return,” but would only spend one or two days a week on this.
This statement was made after Tesla reported weak results in the first quarter: revenue from car sales fell by 20%, and net profit by 71%.
Tesla faces increasing competition from China, an aging model range, and protests in the US and Europe. In addition, the brand has suffered from Musk’s ties to Trump and his support for the far-right German party Alternative for Germany.
According to DOGE, about $160 billion was saved during Musk’s participation. During this time, Tesla lost about $600 billion in market capitalization.
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