Elon Musk announced that he will reduce his involvement in government to focus more on Tesla following a sharp 71% decline in the company's first-quarter profits. Despite the setup of the Department of Government Efficiency (DOGE) being mostly complete, Musk is returning to work primarily at Tesla due to falling sales and stock prices. With a 40% drop in shares this year, his announcements have pleased investors worried about his divided attention. He acknowledged the backlash against his administration role and its negative impact on Tesla's customer base, while defending his efforts to improve government efficiency.
Musk stated he will shift his focus back to Tesla, spending less time on government work, in response to a significant profit decline, emphasizing Tesla's operational needs.
He emphasized that most of the groundwork for the Department of Government Efficiency has been laid, allowing him to refocus on Tesla amidst declining sales and profits.
Musk defended his involvement with DOGE, asserting it was aimed at combating fraud and waste, and expressed a commitment to improve the country's economic trajectory.
He noted that rising consumer backlash against his government role impacted Teslaâs sales, reflecting broader discontent with Trump's policies, which have led to vandalism against Tesla.
Collection
[
|
...
]