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Elon Musk says that he will be spending more time with Tesla.
Musk announced that he will “allocate much more of my personal time to Tesla”, starting next month, during a conference called following the release of Tesla’s latest financial results.
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Musk, who runs Tesla (TSLA) and several other companies, was also active in the second administration of President Donald Trump, helping to set up and run a new Department of Government Efficiency.
His close ties to Trump have spurred some concern among investors that he hasn’t been spending enough time at the company—and that his government work is hurting Tesla’s brand with some buyers. The stock has fallen substantially this year and its core automotive business took a major revenue hit in the 1st quarter.
Musk did not say he was going to stop working for the government, which he believes is “critical.” He said Tuesday that he expected to spend “a day or two” each week on government-related matters “for as long as the president would like me to do so and as long as it is useful.”
Musk said, “The work required to get the DOGE Team in place and working within the government in order to get our financial house in line is mostly done.”
Tesla’s stock price rose by 4.8% at the end of trading. The stock price also rose during Tuesday’s regular session.