Tesla’s net income plunges 71% as Elon Musk confirms ‘major work’ setting up DOGE is done

Source: New York Post

Elon Musk said Tuesday he would dial back his role as President Trump’s cost-cutting czar — sending beaten-down Tesla shares surging despite the company reporting that its net income cratered 71% for the quarter. The embattled billionaire told analysts on a post-earnings call that his “time allocation to DOGE will drop significantly,” referring to the polarizing Department of Government Efficiency. “I will be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done,” he said after the markets closed.