Tesla boss Elon Musk says he will cut back his role in Donald Trump’s administration after the company’s profits and revenues plunged during the first three months of the year, the BBC reports.
Sales slumped and the electric carmaker faced a backlash as Musk became a political fixture in the White House.
On Tuesday, the firm reported a 20% drop in automotive revenue in the first quarter of 2025, compared with the same period last year, while profits fell more than 70%.
The company warned investors that the pain could continue, declining to offer a growth forecast while saying “changing political sentiment” could meaningfully hurt demand.
