Tesla STOCKS dropped 71% #Tesla #stocks #cost #price #money #ranking #europe

Elon Musk plans to "significantly" reduce his duties for US President Donald Trump's administration in May to focus on Tesla, he announced during an earnings call following the automaker's profit decline.

The electric car manufacturer reported a 71% year-over-year profit drop in the first quarter. Analysts have long warned that Musk's work for the Department of Government Efficiency (DOGE) is harming Tesla, as reported by CNN.

Since Trump's inauguration, Musk has served as a government austerity advisor. "Probably starting next month, I will spend significantly less time on DOGE," he stated. Musk expects to dedicate "a day or two per week" to government affairs, claiming the department's work is largely complete.

His role at DOGE has drawn considerable criticism. The department laid off tens of thousands of federal employees and cut thousands of aid programs from USAID, which experts say has disastrous consequences.

This led to worldwide demonstrations at Tesla showrooms. Musk claimed the protesters were people wrongly receiving government funds, without providing evidence.

Tesla's sales have also declined in Europe, where Musk supports far-right parties in several countries. He expressed support for the AfD ahead of the German elections in February.

Tesla previously stated that "changing political sentiment could impact sales figures in the short term," according to The New York Times. However, Musk attributed the plummeting figures to broader economic trends during the conference call.

Politico reported in early April that Musk would step back from US government duties. The White House dismissed the report as "gutter journalism" at the time. Following these rumors, Tesla's stock rose by 5%.

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