Elon Musk says he’s coming back to Tesla, partly stepping away from his high profile and controversial Trump administration role that has been blamed for a plunge in profits and sales at the company. #CNN#News
Yes, Elon Musk has announced plans to significantly reduce his involvement with the U.S. government’s Department of Government Efficiency (DOGE) starting in May 2025. This decision comes in response to Tesla’s substantial financial downturn, including a 71% drop in net profits to $409 million and a 9% decline in revenue to $19.3 billion in the first quarter of 2025 .Reuters+5The Guardian+5Financial Times+5
Musk attributed these challenges to factors such as macroeconomic uncertainty, backlash over his political involvement, and increased competition in the electric vehicle market. He emphasized that the foundational work of DOGE is largely complete and that he will continue limited “critical work” through May 30 .The Guardian+2AP News+2Financial Times+2The Guardian
Following Musk’s announcement, Tesla’s shares experienced a modest rebound, rising over 5% in after-hours trading, though they remain down more than 40% for the year .AP News
For more details, you can watch the following news coverage:
