In a humiliating first-quarter report published Tuesday, Tesla reported that profits had crashed by a whopping 71 percent, falling to a mere $409 million, compared with $1.39 billion from the same quarter last year.
Sales slipped dramatically as well, dropping 13 percent from the same period last year. The electric vehicles have become controversial symbols of Donald Trump’s administration and Musk’s cost-cutting antics at DOGE, making them targets of widespread vandalism.
Dan Ives, a Wedbush Security financial analyst, wrote to clients on Sunday that Musk pulling back from DOGE is the only way that Tesla can recover, according to Bloomberg.
This latest earnings report may have been the wakeup call Musk has needed. On a call with investors Tuesday, Musk reportedly said that he was planning to cut down on his time spent working with DOGE to two days a week starting in May.
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