Thanks for joining our live updates. Here’s a quick rundown. Tesla missed earnings expectations with profits in the first quarter coming in 71% lower than the same period last year. And yet, stocks didn’t fall. They rose in after-hours trading.
Why? CEO Elon Musk did the one thing investors have been asking — pleading — with him to do and turn his attention back to Tesla. Sort of.
Musk is staying committed to the Department of Government Efficiency as long as President Trump will have him. But he will reduce his time with DOGE, which has slashed thousands of government jobs and gutted entire federal agencies. Starting in May, he will cut his DOGe time to a “day or two” per week. Musk said he will allocate this newly gained time to Tesla. Stocks moved higher after his comments.
During the earnings call, Musk also attempted to thread the political needle on supporting President Trump while disagreeing with his tariffs policy, stayed committed to launching a robotaxi service in Austin, made big promises on Optimus, and said a cheaper EV would go into production in June. Plus lots more.
