Elon Musk significantly reduced his time dedicated to government work to focus on Tesla. Tesla’s net income for the first quarter was just $409 million, a 71% decrease year-over-year. Analysts attribute this decline to increased international competition and reputational damage stemming from Musk’s involvement with the government. Musk previously stated his plan to resign from his special government employee role by the end of May; the Government Efficiency Department under his leadership has resulted in the dismissal or buyouts of 30,000 federal employees.