Tesla holds onto Bitcoin as Musk says time at DOGE to ‘drop significantly’

Elon Musk said he would spend less time as Donald Trump's cost-cutting czar and more time at Tesla as the firm missed Q1 estimates, but retained its 11,509 Bitcoin.

Tesla has held onto its Bitcoin during the first quarter of 2025 as CEO Elon Musk promised shareholders that he would scale back his time working as the Trump administration’s cost-cutting czar.

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.

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