Elon Musk announced he will reduce his role as Donald Trump’s cost-cutting czar to focus more on Tesla, which missed its Q1 targets but continues to hold 11,509 Bitcoin.
Tesla retained its Bitcoin holdings in the first quarter of 2025, as CEO Elon Musk assured shareholders he would reduce his involvement as the Trump administration’s cost-cutting czar.
Musk’s remarks seem to have driven Tesla’s (TSLA) 5.4% surge in after-hours trading on April 22, reaching $250.80, after the stock had already closed the day up 4.6%, according to Google Finance.
This followed the release of Tesla’s Q1 results the same day, showing revenue of $19.34 billion—7.85% below Wall Street expectations and down 9.2% compared to the same quarter last year.
Tesla reported a net income of $409 million, reflecting an 80.8% decline from the previous quarter and a 70.5% drop compared to Q1 2024.
Tesla’s digital asset value declined by 11.61% in Q1, falling from $1.076 billion to $951 million, mirroring Bitcoin’s 11.56% price drop to $82,514 during the same period, according to CoinGecko data.
A recent rule by the Financial Accounting Standards Board lets public companies report crypto assets at market value. Previously, they could only record losses unless the assets were sold.
Tesla now values its stash of 11,509 Bitcoin at over $1.07 billion following a market rebound last week, according to Bitcoin Treasuries data. The company hasn’t adjusted its Bitcoin holdings since June 30, 2022.
Musk to ease up on DOGE duties
During the April 22 earnings call, Musk pledged to reduce his involvement with the Trump administration’s Department of Government Efficiency (DOGE) to dedicate more attention to Tesla.
Tesla maintained its Bitcoin holdings during Q1 2025, despite a decline in value, as CEO Elon Musk announced plans to reduce his involvement in the Department of Government Efficiency (DOGE) to focus more on Tesla
Musk stated he would still dedicate “a day or two per week” to DOGE-related work, as long as U.S. President Donald Trump requires, to help prevent the return of “waste and fraud” they’ve worked to eliminate.
Tesla’s 5.4% after-hours gain followed a 4.6% increase to nearly $237 during regular trading on April 22, as the broader market recovered some of its earlier weekly losses.
Tesla shares remain down more than 37% year-to-date, weighed by falling sales, Musk’s growing political involvement, and economic uncertainty linked to Trump’s tariffs.
