Tesla has released its Q1 2025 results, revealing a decline in revenues and profits, while Elon Musk promises to cut back his government duties.
Tesla's Q1 2025 Financial Results
Tesla reported revenues of $19.34 billion for Q1 2025, missing Wall Street expectations by 7.85%. The net income was $409 million, down 80.8% quarter-on-quarter and down 70.5% compared to Q1 2024.
Bitcoin and Tesla's Digital Assets
Tesla's digital assets dropped in value by 11.61% from $1.076 billion to $951 million in Q1. Bitcoin's price fell by 11.56% to $82,514. However, Tesla’s stash of 11,509 Bitcoins was valued at over $1.07 billion due to a recent market rebound.
Musk to Reduce Time on DOGE
In an earnings call, Elon Musk mentioned that he plans to significantly reduce his time spent working at the so-called Department of Government Efficiency (DOGE) to focus more on Tesla. "Starting probably next month, May, my time allocation to DOGE will drop significantly," he stated.
Despite economic challenges and declining financial results, Tesla retains its Bitcoin holdings while Elon Musk emphasizes a more active role in the company.
