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Elon Musk Will Step Down from Trump's Cabinet After Tesla's Downfall
Head of the Department of Government Efficiency (D. O.G.E) Elon Musk plans to step down from his position. This news follows the performance of his company, Tesla, which experienced a decline of tens of percent at the beginning of this year.
He will commit to remaining as the number one person at Tesla for the next five years. It is hoped that Musk will reduce his political activities to ease investor concerns about Tesla's future.
"This is not about money. This is about reasonable control over the future of the company (Tesla)," he said, citing Bloomberg.
It is known that the sales of Tesla's autonomous vehicles experienced a decline last year, selling only 1.79 million units. This sales figure is lower compared to 2023, which had 1.8 million.
As information, Tesla has experienced a long downturn since Elon was appointed by US President Donald Trump as the leader of D.O.G.E. In last week's report, the first quarter profit this year plummeted by 71%.
As a result, Tesla's stock price (TSLA) has fallen by 9.5% since the beginning of this year (ytd).