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The Star
  • 4/23/2025
Tesla CEO Elon Musk told a conference call with analysts on Tuesday that he will scale back his role in the US administration beginning next month, to focus more on his companies.

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Transcript
00:00Tesla CEO Elon Musk told a conference call with analysts on Tuesday that he will scale
00:07back his role in the U.S. administration beginning next month to focus more on his companies.
00:13The large slug of work necessary to get the Vogue team in place and working in the government
00:20to get the financial house in order is mostly done.
00:25So I think I'll continue to spend a day or two per week on government matters for as long
00:32as the president would like me to do so and as long as it is useful.
00:36But starting next month, I'll be allocating far more of my time to Tesla.
00:42I think Tesla will be the most valuable company in the world by far.
00:46It may be as valuable as the next five companies combined.
00:49But there'll be a few bumps along the road before that happens.
00:52I said, I think, on the last morning's call that, you know, we'll start to see the prosperity
00:58of autonomy take effect in a material way around the middle of next year.
01:03Musk and Tesla have been targeted by far-left groups, Democrat politicians, and those affected
01:09by federal agencies' cuts since he was appointed in January to lead the Department of Government
01:15Efficiency to reduce fraud and waste in federal agencies.
01:19Musk said Tesla has localized supply chains in America, Europe, and China, and this put
01:25the company in a stronger position in facing high tariffs imposed by the U.S. on imports.
01:30He said he always believes in lower tariffs and gives advices to the president, but the tariff
01:35decision is entirely up to the president to make.
01:39Investors are worried Musk is neglecting Tesla, whose first quarter of auto revenue fell 20 percent
01:44and net profit plunged 71 percent.
01:48Tesla shares, up 4 percent in after-hours trading before the earnings call, jumped to 5.5 percent
01:54following Musk's comments.
01:57Despite the bump, the stock remains down nearly 50 percent from its December peak.

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