Tesla CEO Elon Musk has hinted that he may step back from his involvement with Dogecoin (DOGE). During Tesla’s Q1 earnings call, Musk said that his work in Washington is “mostly done,” and he might spend much less time on DOGE in the coming months—possibly just one or two days a week.
This update comes as Tesla faces major challenges. The company had a disappointing first quarter, with a 71% drop in profits and fewer car deliveries. As a result, Tesla’s stock has fallen by over 30% this year, raising concerns among investors, especially during global trade tensions and increasing competition.
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Some experts believe Musk’s focus on DOGE and politics has hurt Tesla’s brand. Analyst Dan Ives from Wedbush Securities said Musk should step away from DOGE and politics and focus fully on running Tesla. He warned that Musk’s actions might cause 15–20% of future Tesla buyers to lose interest in the brand.
Ives also said that Tesla, along with Nvidia, still remains one of the world’s most innovative tech companies. However, he added that Tesla has now become a political symbol tied to the Trump administration and DOGE.
Meanwhile, many investors who bet that Tesla’s stock would fall (short-sellers) have made big profits—about $11.5 billion in 2025 so far. Tesla’s stock has dropped from $420 in January to around $238 now, falling over 46% from its highest point in the past year.
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To make things worse, Chinese electric car company BYD has now overtaken Tesla in car deliveries. “It’s been a nightmare for Tesla and its investors,” said Ives, pointing to the combined effects of tariffs, DOGE controversies, and damage to Tesla’s reputation.
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