Elon Musk says he plans to spend less time working on "government efficiency" after his car company reported a 71% drop in profits. "Starting next month, I'll 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, though he surmised he'd spend a day or two each week on government work.
Were it not for regulatory credits, Tesla would have posted a loss in this week's earnings announcements. Moreover, Musk is increasingly disliked by Americans, having targeted popular programs for "efficiency" measures that amount to firing thousands of workers and giving himself and his cronies access to sensitive data, including public finances. It isn't saving a significant amount of taxpayer money, either.
Musk's controversial political work has significantly harmed Tesla's brand reputation, according to multiple surveys. Tesla showrooms have been the sites of repeated protests over the last few months. In some cases, vandals have struck Tesla vehicles. And the sense that driving a Tesla now signals support for Musk and President Trump has haunted some current Tesla drivers and driven some EV shoppers away from the brand.
Musk dismissed that, saying that "absent macro issues, we don't see any reduction in demand."
Without citing evidence, he attributed blowback against his DOGE work to "those who were receiving the wasteful and fraudulent dollars," saying that protests against Tesla are "paid for."
You can argue the politics, the policies or what's good for the company, but that stuff about protests being "paid for" is really out there, and a sign of more bad news to come.
Tesla Takedown, the group that is organizing the protests, wrote in an emailed statement that protesters are not paid. "Volunteer hosts and participants are stepping forward because they believe in democracy and the rule of law, not because a billionaire is paying them," the group wrote in the statement sent after the call. "The irony is rich coming from a man who spent $277 million to get Donald Trump elected."
Previously:
• Tesla's European market disappears
• Market for used Teslas 'crumbling'
• TSLA up as Tesla sales slip abroad
