You don’t become the richest man in the world without caring a little bit about your money.
Elon Musk proved that on a Tesla earnings call on Tuesday, letting down the carefree facade he’s shown off while talking about putting federal workers out on the street, to say he’s been rattled by the plummeting reputation of his automaker.
Tesla shared that its auto revenue had dropped by 20% in the first quarter and its net income dropped by 71% compared to this point a year ago. Musk’s electric vehicle brand has taken a massive hit due to his association with President Donald Trump’s administration and protests against the Musk-led Department of Government Efficiency have broken out at Tesla dealerships throughout the country.
Musk promised his investors that he’ll focus less of his time on his slash-and-burn government agency in the coming months.
“Starting next month, May, my time allocation to DOGE will drop significantly,” Musk said, per CNN.
While Teslas are manufactured in the United States, Musk did turn over a portion of the call to discussing the effect of tariffs on the company, which imports parts from outside the country. Trump’s duties scheme has opened a rift between Trump and his adviser, with Musk attacking other members of the Trump administration for their support of the taxes on imports.
“Tariffs are still tough on a company where margins are still low,” Musk said. “I just wanna emphasize that the tariff decision is entirely up to the president of the United States. I will weigh in with my advice to the president, which he will listen to my advice. But then it’s up to him, of course, to make his decision… So, you know, I’ll continue to advocate for lower tariffs rather than higher tariffs, but that’s all I can do.”
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