Musk has been spending a lot of time in Washington, D.C., as the public face of the Department of Government Efficiency.

Musk convinced his board to hand him a monster pay package—but that was before Tesla lost more than $500 billion in market value.

Tesla's profit plummeted by 71% during the first three months of 2025. This decline was attributed to several factors, including a lack of new models, intense competition from Chinese carmakers, delayed product rollouts, and Musk's controversial support of conservative causes.