Musk to ease up on DOGE dutiesIn an April 22 earnings call, Musk promised that he would scale back his time working at the Trump administration's so-called Department of Government Efficiency, or DOGE, to focus more on Tesla.“Starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said. “I’ll be allocating far more of my time to Tesla now that the major work of establishing the Department of Government Efficiency is done.”Musk said he’ll continue to spend “a day or two per week” on DOGE-related matters for as long as US President Donald Trump needs to ensure the “waste and fraud that we stop does not come roaring back.”Related: Peirce signals SEC ‘reorientation’ under new chair Paul AtkinsTesla’s 5.4% rise in after-hours came on the back of a 4.6% increase to nearly $237 during the April 22 trading day as the broader market clawed back some losses from earlier in the week.
Musk’s comment appears to have been the main catalyst behind Tesla’s (TSLA) 5.4% price jump in after-hours trading on April 22 to $250.80 after closing the trading day up 4.6%, according to Google Finance. It comes as the automaker’s Q1 results released the same day show revenues hit $19.34 billion, missing Wall Street estimates by 7.85% and marking a 9.2% fall from the same period last year.
Before, only losses were recorded — unless the crypto was sold. Tesla’s 11,509 Bitcoin stash is now worth over $1.07 billion as a result of the market rebound over the last week, according to Bitcoin Treasuries data.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Brayden Lindrea
The story "Tesla holds onto Bitcoin as Musk says time at DOGE to ‘drop significantly’" has 452 words across 14 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Tesla holds onto Bitcoin as Musk says time at DOGE to ‘drop significantly’" was covered 13 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 26 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
