Musk signals ‘significantly’ stepping back from Doge as Tesla profits plunge

Elon Musk announced a reduction in his involvement with the Trump administration following a significant decline in Tesla’s profits and revenues, with a 20% drop in automotive revenue and over 70% decrease in profits reported for Q1 2025. He attributed the company’s struggles to political backlash against his role, which has led to protests and boycotts, as well as challenges from tariffs and evolving trade policies. Musk plans to allocate only one to two days per week to government duties moving forward, as he believes Tesla’s current issues are compounded by heightened competition and supply chain risks.