Tesla, the US electric car brand, saw its profit fall sharply by 71% last quarter. CEO Elon Musk said on the company’s earnings call on Tuesday, April 22, that he would significantly reduce the time he allocated to the Department of Government Efficiency (DOGE) starting in May. According to US media reports, Tesla’s stock price has plummeted by more than 40% this year. Tesla announced quarterly earnings and sales that were both lower than expected on the same day, and said that its automotive revenue this quarter was down 20% from the same period last year.

According to CNBC, Musk said on the company’s earnings call that his time spent on the Department of Government Efficiency would be “significantly” reduced starting in May.

Tesla’s stock price has reportedly fallen sharply by more than 40% this year, and Tesla’s market value has evaporated by $600 billion (about HK$465.5 billion) since Musk participated in government affairs through the Department of Government Efficiency. Musk said he would continue to support President Trump’s administration through the Department of Government Efficiency, “ensuring that we can prevent waste and fraud from resurfacing.”

After spending nearly $300 million (approximately) to help Trump return to the White House in the 2024 election, Musk reportedly founded the Department of Government Efficiency and joined the government as a “special employee” with a mission to significantly reduce the size and spending of the federal government. Musk said he will continue to spend one to two days a week on government affairs as long as Trump still needs it.