(NewsNation) — Billionaire Elon Musk announced he will be focusing more on Tesla and less on politics after a disappointing earnings call from the car company.
Tesla announced a 71% drop in first-quarter profits Tuesday amid protests over its leadership and its role in the Trump administration.
The move is a bit of damage control for Musk, who still has companies to run. Tesla has become the face of Musk’s empire as protesters express anger over the billionaire’s role in government cost-cutting efforts by the Department of Government Efficiency.
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In addition to protests, there have also been arson attacks and vandalism directed at Tesla dealerships and vehicles.
Two climate activists tied to the group Extinction Rebellion were arrested recently after police say they smashed windows and spray-painted slogans like “F— off DOGE” and “We do not consent” on the front of a Tesla showroom.
That happened hours after Musk told investors that Tesla’s profits had dropped 71% from this time last year.
The company made a little more than $21 billion in revenue, but that is still down sharply and so are vehicle deliveries. Tesla also said changing political sentiment could hurt demand for its cars.
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Musk kicked off the earnings call by saying he plans to spend less time on government work starting in May. He did say he would stay involved so “the waste and fraud we stopped doesn’t come roaring back.”
“Starting probably in the next month, May, my time allocation to DOGE will drop significantly,” Musk said on the call. “So I think I’ll continue to spend a day or two per week on government matters for as long as the president would like me to do so.”
Also of note, Tesla’s income was boosted by selling nearly $600 million worth of zero-emission tax credits. If not for that, the company would have posted a loss.
As Musk takes a step back from government, he will refocus on Tesla to try to ease tensions with investors and customers who may have been turned off by his politics.
