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President Trump and Elon Musk with a Tesla on the White House lawn in March.Elon Musk says he’ll be spending more time at Tesla.
Speaking during a conference call that followed the release of the EV maker’s latest financial results, Musk said he’ll be “allocating far more of my time to Tesla” starting next month.
You can read Investopedia’s live coverage of Tesla’s earnings here.
Musk, who runs several companies in addition to Tesla (TSLA), has also been active in President Donald Trump’s second administration, helping set up and run the new Department of Government Efficiency.
His close ties to Trump have spurred some concern among investors that he hasn’t been spending enough time at the company—and that his government work is hurting Tesla's brand with some buyers. The stock is down substantially this year, and its core auto business took a big revenue hit in the first quarter.
Musk did not, however, say he would back entirely away from government work, which he considers “critical.” He said Tuesday that he expected to spend “a day or two” each week on government-related matters “for as long as the president would like me to do so and as long as it is useful.”
“The large slog of work necessary to get the DOGE team in place and working in the government to get the financial house in order is mostly done,” Musk said.
The news may have contributed to Tesla’s share price rise in late trading, when they were up 4.8%. The stock price also climbed during Tuesday’s regular session.
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