Tesla rises as investors cheer Musk reducing time with DOGE
Tesla TSLA.O rises 3.3% to $245.71 in extended trading
Billionaire CEO Elon Musk says he will scale back his government role starting in May
Musk expects his time allocation to the cost-cutting Department of Government Efficiency initiative to drop significantly
There has been significant backlash against his increased government involvement as an adviser to U.S. President Donald Trump, with investors calling for him to manage TSLA more closely
TSLA beat first-quarter total gross margin estimates, offsetting weak Q1 revenue that missed analysts' estimates as EV sales dropped
Total Q1 gross margin of 16.3% vs analysts' average estimate of 15.82% - data compiled by LSEG
Co reported Q1 revenue of $19.34 billion vs estimates of $21.11 billion
TSLA says it will revisit 2025 guidance in its second-quarter update, due to "shifting global trade policy" and difficulty in measuring its impact on co's cost structure
Analysts' average rating for TSLA is "hold"; their median PT is $302.50 - LSEG
TSLA down ~41.1% YTD
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