Elon Musk To Step Back From DOGE Amid Tesla Setbacks

Tesla CEO Elon Musk has announced plans to significantly reduce his involvement in the Trump administration's Department of Government Efficiency (DOGE), a controversial task force to slash federal spending. During Tesla's quarterly earnings call, Musk said his time commitment to the task force would "drop significantly" starting in May, allowing him to focus more on the electric vehicle company, CBS News reported.

DOGE, a key part of former President Donald Trump's cost-cutting agenda, has drawn criticism for massive job cuts and alleged misuse of voter data. While supporters claim it targets fraud and waste, the initiative has sparked lawsuits and public backlash over cuts to essential programmes.

Tesla, meanwhile, is grappling with declining sales and a steep drop in stock value. Once boosted by Musk's advisory role in the Trump administration, the company's shares have fallen over 50% from their December peak. On Tuesday, Tesla reported a 71% drop in profit and a 9% fall in revenue for the first quarter, missing Wall Street expectations.