Tesla CEO Musk says time he spends on DOGE will drop ‘significantly’ next month
Elon Musk, CEO of Tesla Inc., in the Oval Office of the White House in Washington, D.C., on Feb. 11, 2025.
Aaron Schwartz | Bloomberg | Getty Images
Tesla CEO Elon Musk began his company’s earnings call on Tuesday by saying that his time spent running President Donald Trump’s Department of Government Efficiency will drop “significantly” starting in May.
Musk, who has watched Tesla’s stock tumble by more than 40% this year, said he’ll continue to support the president with DOGE “to make sure that the waste and fraud that we stop does not come roaring back.”
After spending almost $300 million in the 2024 campaign to help return Trump to the White House, Musk created DOGE and joined the administration with a mission to drastically reduce the size and capability of the federal government.
He said he’ll continue to spend a “day or two per week” on government issues “for as long as the president would like me to do so.”
Musk’s commentary came after his company reported disappointing first-quarter results, including a 20% year-over-year slump in automotive revenue and 71% plunge in net income.
In addition to challenges the company already faced, such as competition out of China and an aging fleet of electric vehicles, Tesla has recently been hit with protests in the U.S. and Europe and brand damage due to Musk’s ties to Trump and his support of Germany’s far-right AfD party.
“The protests that you’ll see out there, they’re very organized,” Musk said on Tuesday’s call. He claimed, without evidence, that some people are likely protesting “because they’re receiving fraudulent money” or are “recipients of wasteful largesse.”
On its website, which was last updated on Sunday, DOGE says its cuts have led to an estimated $160 billion in savings. However, Musk’s estimates of savings have been challenged, and DOGE has deleted some of the largest purported savings.
Over that same stretch, Tesla has lost roughly $600 billion in market cap.
DOGE has also made cuts at agencies charged with oversight of his companies. They include the SEC, Federal Aviation Administration and National Highway Traffic Safety Administration.
The White House said in early February that Musk was serving as a “special government employee,” a designation with fewer requirements when it comes to conflict-of-interest disclosures and ethics policies.
The Department of Justice says the title is for anyone expected to work for the government for 130 days or less in a year. The Trump administration will hit its 130th day at the end of May.
Job cuts from DOGE’s work have come from across the government, at agencies including the Internal Revenue Service, National Park Service, Consumer Financial Protection Bureau, and the departments of Agriculture, Education, Energy, Health and Human Services, Homeland Security, and Veterans Affairs, according to the Associated Press.
As of February, staffers from DOGE had pushed top-ranking officials at the Department of Education out of their offices, rearranged the furniture and set up white noise machines to muffle their voices, according to employees at the agency. U.S. senators expressed concern that DOGE had possibly gained access to federal student loan data on tens of millions of borrowers.
Also in February, the Trump administration said that USAID would shut down as an independent agency and be moved under the State Department.
Thomas Fuller | Lightrocket | Getty Images
Reddit shares popped about 5% after the social media company debuted new artificial intelligence-powered advertising tools.
The two new features, announced Monday in a post during the Cannes Lions festival, will help brands better leverage discussions on the platform. The company said the tools are powered by an engine called Reddit Community Intelligence that turns “posts and comments into structured intelligence.”
Reddit announced a “listening tool” called Reddit Insights, which shares real-time insights with marketers to help them identify trends and launch campaigns. The other tool, called Conversation Summary Add-ons, allows brands to show “positive” user content under their ads.
“These are tools for a new era of community marketing, one where brands can tap into Reddit’s authenticity and connect meaningfully with high-intent communities around the world,” the company wrote.
The company said Publicis served as the exclusive alpha tester for Reddit Insights, while Lucid and Jackbox Games were among the early testers for Conversation Summary Add-Ons.
Companies across industries are betting on new ways to harness AI to improve advertising campaigns and better engage with users. These new tools are transforming the industry while also putting pressure on some advertising stalwarts.
The industry is also currently navigating a bumpy environment spurred by the trade war with China.
During the recent earnings season, many companies warned of sluggish advertising sales in certain regions due to a rocky macroeconomic environment. Recent developments, however, have suggested a cooling of tensions between the U.S. and China.
Last month, Reddit posted strong sales and upbeat guidance. The company has benefited from recent changes to Google search and internal site improvements, which include convincing logged-out users to open accounts. Logged-in accounts are more beneficial to advertisers.
WATCH: Outgoing WPP CEO says AI will ‘revolutionize’ advertising business
Helsing uses AI to analyze large amounts of sensor and weapons system data from the battlefield.
Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images
European defense technology startup Helsing on Tuesday said that it’s raised 600 million euros ($693.6 million) in a bumper new round of funding.
The investment was led by Prima Materia, the venture capital firm founded by Spotify CEO Daniel Ek and by Shakil Khan, an early investor in the popular music streaming app. Ek is also chairman of Helsing.
Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst and Saab also put money in, alongside new investors BDT & MSD Partners.
Defense and the technology behind it have become a hot area for investors lately, amid major global conflicts, including the Ukraine war to Israel-Gaza. Last week saw a further escalation of war in the Middle East as Israel launched a series of airstrikes against Iran.
In 2024, venture funding in Europe’s defense, security and resilience sector reached an all-time high of $5.2 billion, according to a recent report from the NATO Innovation Fund. The sector grew 30% in the past two years, outperforming the broader VC market, which saw a 45% decline over the same period.
Founded in 2021, Helsing sells software that uses artificial intelligence technology to analyze large amounts of sensor and weapons system data from the battlefield to inform military decisions in real time. Last year, the startup also began manufacturing its own line of military drones, called HX-2.
Helsing, which operates in the U.K., Germany and France, said it would use the fresh cash to invest in Europe’s “technological sovereignty” — which refers to attempts to onshore the development and production of critical technologies, such as AI.
“As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” Ek said in a statement out Tuesday.
Helsing did not disclose its new valuation following the latest financing round, which is subject to “certain approvals,” according to a statement. The firm was previously valued at around 5 billion euros in a 450 million euro funding round led by General Catalyst last year.
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