Winning? Elon Musk To Spend Less Time With DOGE As Tesla Sales Continue To Fall, As DOGE Shown To Be Nothingburger
Musk said on the call that he told Trump that "lower tariffs" were better for the country but ultimately the decision on tariffs is up to the president.
As Elon Musk’s days dwindle at the Department of Government Efficiency (DOGE), the richest man in the world on paper has revealed he is basically bailing on the department and plans to reassimilate fully with Tesla as his company is facing falling sales and plummeting stock value.
In an earnings call, Musk said DOGE is doing "important work" against "fraud and waste," but that work is mostly done, Musk said, according to MarketWatch.
"If the ship of America goes down, we all go down with it," he said. "I think that’s critical work."
Yahoo! Finance reported:
"Starting early next month, in May, my time allocation to DOGE [Department of Government Efficiency] will drop significantly," Musk said. Musk said he'd continue to spend a day or two per week at DOGE, but said he will be "allocating far more of my time" to Tesla.
Tesla stock jumped 5% in after-hours trading after Musk's disclosure.
Tesla reported Q1 revenue of $19.34 billion vs. $21.43 billion (Bloomberg estimate), well below the $21.3 billion reported a year ago. Tesla posted adjusted earnings per share of $0.27 vs. $0.44 estimated.
Tesla said plans for new affordable vehicles are on track for start of production in the first half of 2025 and that it still expects Robotaxi volume production starting in 2026. Along with Robotaxi testing, these were two big investor concerns heading into earnings.
The company blamed trade uncertainty as a reason behind slumping sales.
"Uncertainty in the automotive and energy markets continues to increase as rapidly evolving trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers," the company said in a statement. "This dynamic, along with changing political sentiment, could have a meaningful impact on demand for our products in the near-term."
Musk said on the call that he told Trump that "lower tariffs" were better for the country but ultimately the decision on tariffs is up to the president.
Because of this uncertainty, Tesla said it would revisit its 2025 guidance in its second quarter financial update and removed its long-term growth forecast.
The WinePress reported last week that Tesla was showing signs of struggling in both and foreign Americans while Chinese competitor BYD, the largest EV manufacturer in the world, is outperforming Tesla by miles apart and appears to be on pace to dominate the EV and battery-powered sector.
AUTHOR COMMENTARY
What an absolute joke this has been, a literal joke (it is named “DOGE” after all, the name of a Shibu Innu dog meme).
Philippians 3:2 Beware of dogs, beware of evil workers, beware of the concision.
I have mentioned a number of times that DOGE was another dangling carrot the Trump administration used in a bid to get people to think something was going to change. Initially it was promised Trump and Musk were going to save $2 trillion from “fraud and waste.” Then it turned into Musk was going to try. Then Musk lowered it to $1 trillion before the inauguration and the new narrative became that tariffs would make up that difference. Fast forward to now and the tariffs are being rescinded and Musk lowered the goal to $150 billion; and even that number is a lie because most of the “cuts” were verifiably false or were already paid for. Now Musk is saying he is basically leaving because his car company is losing money.
Winning, huh? But I am sure the fanbase will come up with a new elaborate scheme to explain this away.
Meanwhile, Congress is drafting new spending bills that increase spending as Trump flaunts a first-ever $1 trillion military budget. How about auditing the Pentagon for fraud? Of course not, that will never happen; as Defense Secretary Pete Hegseth says he wants a makeup studio at the Pentagon so he can look fashionable for TV.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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If they say it benefits us I am no longer buying it, because they always say the benefits of something while never mentioning the detriments of those things.
Slowly they are putting a choke hold on all of us, and when the moment is right they will tighten the noose completely. Too many lies and biases coming from the news sources; both those that we know are bad, and the ones we think are good.
Yeah. The 1-2 trillion in savings was not even close.
I suspect Musk is just angling in the White House for AI and robotic contracts.
I’m not down with the transhumanist/technocratic future the billionaire want!