Tesla stock (TSLA) has been under pressure for months, weighed down by concerns over the electric vehicle maker's profitability, a delayed robotaxi timeline, and questions about CEO Elon Musk’s focus.

During an April 22 earnings call for Tesla, Elon Musk announced that he would reduce his hours with DOGE, starting next month, to focus on his role as Tesla's CEO. This announcement came a week after the White House press secretary fired back at claims on X, formerly Twitter, that Musk was leaving his position in the coming weeks.

Elon Musk says he will spend more time at Tesla, but the White House expects him to continue “dedicating a lot of his time”’ to supporting the president.