Elon Musk to Prioritize Tesla as Profits Dip

Elon Musk plans to devote more attention to Tesla starting in May after first-quarter profits dropped significantly. The company has faced public backlash, with quarterly profits plunging 71% to USD 409 million, missing analyst forecasts. Tesla's revenue also declined, falling short of Wall Street expectations.

Elon Musk, CEO of Tesla, has announced plans to allocate more of his time to the company beginning in May, following a substantial drop in first-quarter profits.

The Austin, Texas-based electric car manufacturer reported a 71% decline in profits, amounting to USD 409 million, or 12 cents a share, falling short of analysts' predictions. Tesla also experienced a 9% decrease in revenue, tallying USD 19.3 billion for the quarter, which was below Wall Street expectations.

In addition to financial challenges, Tesla has faced public scrutiny over Musk's role in a federal government jobs-cutting group, further complicating the company's position in the market. Despite these issues, Tesla's stock experienced a slight rise in after-hours trading, even though it has already dropped more than 40% this year.

(With inputs from agencies.)