Tesla continues to hold its Bitcoin assets despite market fluctuations. Meanwhile, Elon Musk has announced a decrease in his involvement in the Trump administration.
Tesla's Q1 2025 Financial Results
Tesla reported revenues of $19.34 billion for Q1 2025, missing Wall Street estimates by 7.85%. This also marks a 9.2% decline from the same period last year. The company's net income plummeted 80.8% from the previous quarter to $409 million.
Tesla's Bitcoin Portfolio Status
Tesla's digital asset portfolio suffered from the broader market downturn, declining 11.61% in value to $951 million. However, recent market movements have helped the value of the company's Bitcoin holdings rebound above $1.07 billion. Tesla has maintained its Bitcoin position since June 30, 2022.
Elon Musk's Future Plans
During the earnings call on April 22, Elon Musk confirmed his plans to scale back his involvement in DOGE management. He stated that with the foundational work on DOGE completed, he intends to devote more time to Tesla. "Starting probably next month, May, my time allocation to DOGE will drop significantly," he said.
The Q1 2025 results continue to show pressure on Tesla's financial performance, while Elon Musk focuses on the future of the company and a reduced role in other initiatives.
