The CEO of Tesla, Elon Musk, has decided to “significantly” reduce his involvement in the Department of Government Efficiency or DOGE, after his electric car company Tesla showed a lacklustre performance at the start of the year, with revenue, sales and profits all going down.
After Donald Trump was elected President of the United States of America for a second time, he decided to create a separate department that would focus on cutting US spending and Creating Jobs. At the heart of it was the richest person on the planet, Elon Musk, who has led the department ever since.
Musk said that his time spent on DOGE will “drop significantly” starting next month. He further added that he would spend a maximum of 1 or 2 days a week fulfilling his role at DOGE, and the rest of his time would be focused on Tesla.
It’s worth noting that many believe that Elon would sooner or later leave the DOGE as temporary government employees, like Musk, are not allowed to work more than 130 days in a year. And counting from the day of President Trump’s inauguration, Elon’s time period was set to expire late next month.
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Many people believed that because of his role at the DOGE, his focus was shifting from running Tesla; for this reason, the share price of the EV company was also slipping. These beliefs were made true as the stock price of Tesla increased by at least 5% after he made this announcement.