Elon Musk Will Withdraw From DOGE Because Tesla Shares Drop

JAKARTA - Entrepreneur Elon Musk said he would reduce his involvement in the US Government's Department of Efficiency (DOGE), next month and focus on his electric vehicle company, Tesla.

"Next month the amount of time I have for Doge will drop largely. I will continue to do so until the end of the president, so that everything we have stopped will not come back," Musk said in a call with Tesla investors, citing Fox Business.

This statement comes amid investor concerns over the decline in company profits. Tesla previously announced that its quarterly profit fell by 71 percent.

On Tuesday, the electric vehicle company reported a 9 percent drop in revenue over the first three months of the year compared to the previous year.

Sales also plummeted in the first three months of this year, down 13 percent compared to the same period last year. The company's shares closed on Tuesday at a price of 238 US dollars (Rp4 million) per share, about 37 percent lower than the beginning of the year.

Musk, as CEO of Tesla, was reported to have admitted in March that his involvement in US government affairs had a negative impact on the company's share price.

"I have repeatedly stated that I believe lower tariffs are generally a good idea for prosperity. I will continue to support lower rates than higher rates, but that's all I can do."

Not only did it reduce DOGE's involvement, one of the sources of The Washington Post who was aware of the matter said Musk was considering stepping down from his post as DOGE chief.