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Home News

Tesla Keeps Bitcoin, Musk to Scale Back Role in Trump’s DOGE Team

23 April 2025
in News
Reading Time: 3 mins read
103 5
source: apnews.com

source: apnews.com

Tesla retained its Bitcoin holdings through the first quarter of 2025, as CEO Elon Musk reassured shareholders of his intent to reduce involvement in the Trump administration’s cost-cutting initiatives.

This commitment appeared to bolster investor confidence, propelling Tesla’s (TSLA) stock up by 5.4% in after-hours trading on April 23 to $250.80, following a 4.6% gain during the regular session, according to Google Finance.

This surge in stock price coincided with the release of Tesla’s Q1 earnings report, which revealed revenues of $19.34 billion—missing Wall Street estimates by 7.85% and marking a 9.2% decline compared to the same period last year.

Further compounding the financial hit, Tesla’s net income plummeted 80.8% from the previous quarter to $409 million, representing a 70.5% drop year-over-year from Q1 2024.

Meanwhile, Tesla’s digital asset portfolio mirrored the broader crypto market downturn, declining 11.61% in value—from $1.076 billion to $951 million—during Q1. This drop was in line with Bitcoin’s 11.56% price decrease over the same period, falling to $82,514, according to CoinGecko data.

However, the recent rebound in crypto markets has boosted the value of Tesla’s 11,509 Bitcoin holdings back above $1.07 billion, based on data from Bitcoin Treasuries. Despite market fluctuations, Tesla has not altered its Bitcoin position since June 30, 2022.

During the company’s April 22 earnings call, Musk reiterated his plans to shift his focus back to Tesla, confirming he would scale down his role at the Trump administration’s so-called Department of Government Efficiency (DOGE).

“Starting probably next month, May, my time allocation to DOGE will drop significantly,”

Musk said, explaining that with the foundational work for DOGE complete, he intends to dedicate substantially more time to Tesla. 

Adding to the week’s developments, Musk’s artificial intelligence venture, xAI, introduced Grok 3—the latest version of the model powering its chatbot. The launch event, live-streamed on X on February 18, 2025, showcased the model’s advancements, with Musk and the xAI team highlighting its improved performance across multiple AI evaluation benchmarks.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinDOGEElon MuskTesla
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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