Tesla’s chief executive Elon Musk said on Tuesday his time allocation to the U.S. Department of Government Efficiency (DOGE) will drop significantly starting from May and that he will be “allocating far more of my time to Tesla.”
Immediately after Musk’s announcement, Tesla shares were trading 3.70% higher at $247. Shortly before Tesla’s earnings conference call started, U.S. stocks surged after President Donald Trump said he has “no intention of firing FED Chair Jerome Powell.
“The large slug of work necessary to get the DOGE team in place and working in the government to get the financial house in order is mostly done,” Musk stated during Tesla’s first quarter earnings call.
“I think starting probably in next month, May, my time allocation to those will drop significantly,” Tesla’s CEO added before noting that he’ll have to continue doing it “for the remainder of the president’s term” aiming to make sure “that the waste and fraud that we stop does not come roaring back.”
Tesla’s chief executive is currently categorized as a Special Government Employee where he is limited to working no longer than 130 days out of the entire year in the role.
After lowering his time allocation to the Department, Musk sees himself spending “a day or two per week” on those matters “for as long as the president would like me to do so.”
In early April, Tesla climbed double digits following a report from Politico that U.S. President Donald Trump has told close aides, including Cabinet members, that Musk would soon step back from his current role within the administration.
“There will be a point at which the secretaries will be able to do this work and do it, as we say, with a scalpel,” Trump told reporters earlier this month.
