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Musk to cut back DOGE work, says Tesla will be 'most valuable company' as sales fall for Q1
The Star
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8 months ago
Tesla CEO Elon Musk told a conference call with analysts on Tuesday that he will scale back his role in the US administration beginning next month, to focus more on his companies.
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00:00
Tesla CEO Elon Musk told a conference call with analysts on Tuesday that he will scale
00:07
back his role in the U.S. administration beginning next month to focus more on his companies.
00:13
The large slug of work necessary to get the Vogue team in place and working in the government
00:20
to get the financial house in order is mostly done.
00:25
So I think I'll continue to spend a day or two per week on government matters for as long
00:32
as the president would like me to do so and as long as it is useful.
00:36
But starting next month, I'll be allocating far more of my time to Tesla.
00:42
I think Tesla will be the most valuable company in the world by far.
00:46
It may be as valuable as the next five companies combined.
00:49
But there'll be a few bumps along the road before that happens.
00:52
I said, I think, on the last morning's call that, you know, we'll start to see the prosperity
00:58
of autonomy take effect in a material way around the middle of next year.
01:03
Musk and Tesla have been targeted by far-left groups, Democrat politicians, and those affected
01:09
by federal agencies' cuts since he was appointed in January to lead the Department of Government
01:15
Efficiency to reduce fraud and waste in federal agencies.
01:19
Musk said Tesla has localized supply chains in America, Europe, and China, and this put
01:25
the company in a stronger position in facing high tariffs imposed by the U.S. on imports.
01:30
He said he always believes in lower tariffs and gives advices to the president, but the tariff
01:35
decision is entirely up to the president to make.
01:39
Investors are worried Musk is neglecting Tesla, whose first quarter of auto revenue fell 20 percent
01:44
and net profit plunged 71 percent.
01:48
Tesla shares, up 4 percent in after-hours trading before the earnings call, jumped to 5.5 percent
01:54
following Musk's comments.
01:57
Despite the bump, the stock remains down nearly 50 percent from its December peak.
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