The Blubber

Tesla CEO Elon Musk opened his company’s earnings call on Tuesday by announcing that his involvement with President Donald Trump’s Department of Government Efficiency (DOGE) will decrease “significantly” starting in May.

Musk—whose company has seen its stock drop over 40% this year—said he would continue supporting Trump through DOGE “to ensure the waste and fraud we’ve eliminated doesn’t return.”

After spending nearly $300 million during the 2024 campaign to help reelect Trump, Musk launched DOGE with the mission of drastically downsizing the federal government and took on a leading role in the administration. He said he plans to dedicate “a day or two per week” to government matters “for as long as the president wants me to.”

His remarks came following Tesla’s disappointing first-quarter results, which included a 20% drop in automotive revenue compared to the previous year and a 71% decline in net income.

In addition to ongoing challenges like competition from China and an aging EV lineup, Tesla has recently faced protests in both the U.S. and Europe, as well as reputational damage linked to Musk’s support of Trump and Germany’s far-right AfD party.

“These protests are highly organized,” Musk said on the earnings call. He suggested—without providing evidence—that some demonstrators may be motivated by “fraudulent payments” or are “beneficiaries of wasteful government spending.”

DOGE claims on its website, last updated Sunday, that its initiatives have saved an estimated $160 billion. However, some of Musk’s savings claims have been disputed, and DOGE has quietly removed several of its largest reported figures.

During the same period, Tesla’s market capitalization has fallen by around $600 billion.

DOGE has also slashed funding for several agencies that regulate Musk’s companies, including the Securities and Exchange Commission, the Federal Aviation Administration, and the National Highway Traffic Safety Administration.

The White House stated in February that Musk is classified as a “special government employee,” a role that requires fewer ethics and disclosure obligations. The designation applies to individuals expected to work for the government no more than 130 days in a year, a threshold the Trump administration is set to reach by the end of May.

DOGE-related job cuts have spanned numerous agencies, including the IRS, National Park Service, Consumer Financial Protection Bureau, and the Departments of Agriculture, Education, Energy, Health and Human Services, Homeland Security, and Veterans Affairs, according to the Associated Press.