Tesla CEO Elon Musk said he will be spending less time running President Donald Trump’s so-called Department of Government Efficiency starting in May during his company’s investor call on Tuesday.
Tesla’s first-quarter profits dropped by 71% amid boycotts of the company over Musk’s involvement with the federal government.
The company’s stock has tumbled by more than 40% this year.
RELATED STORY | Tesla Q1 profit falls sharply as it fights backlash tied to Musk's role in Trump administration
The White House said Musk was leading DOGE as a “special government employee,” a title given to anyone who works for the government for 130 days or less in a year. The end of May will mark the Trump administration’s 130th day.
DOGE credits itself for saving the government billions of dollars, but most of the “savings” have been challenged.
What is true, however, is that Musk and DOGE’s efforts have resulted in thousands of government employees being laid off across many departments and, in some cases, like with USAID, shuttering them entirely.
Some of the job cuts have occurred in agencies that have oversight of his electric car company, including the National Highway Traffic Safety Administration and Securities and Exchange Commission, raising concerns about ethics.
RELATED STORY | As Elon Musk wields power in DC, Tesla remains under investigation
