Tesla CEO Elon Musk said he would soon be spending less time with the Trump administration after first-quarter earnings fell short of expectations.

Net income for the quarter was $409 million, down 71%. Revenue was $19.34 billion, down 9%. Operating income was down 66% at $399 million. 

The slump comes as Tesla, along with other automakers, adjust to auto tariffs imposed by President Donald Trump. In a Tuesday financial report, Tesla said “rapidly evolving trade policy” has impacted the global supply chain and the company’s cost structure. 

Tesla also noted that “changing political sentiment” could have an impact on product demand in the near term. Musk and the company have faced pushback after Musk began work with the Trump administration’s DOGE, the initiative that has fired tens of thousands of federal workers. 

Dealerships have suffered vandalism and protests, and polls from Pew Research and CNBC show roughly half of Americans have negative views of the billionaire tech mogul. First-quarter deliveries were down 13% from a year ago. Shares are down about 50% from their December peak. 

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Wedbush Securities analyst Daniel Ives hinged the company’s future on Musk’s decision on when to leave the White House in a recent note, calling it a “fork in the road time.” 

Musk said Tuesday he would be spending less time with DOGE, likely starting next month. 

“My time allocation to DOGE will drop significantly,” Musk said.

President Donald Trump has suggested Musk’s time at the White House was nearing an end, although he said he would “keep him as long as I could keep him.” 

As a special government employee, Musk has 130 days per calendar year to work for the federal government. That window is set to expire in late May.

This is a developing story. Check back for updates.