Elon Musk Shifts Focus: Tesla Profits Plummet 71%

Elon Musk is scaling back his involvement with Dogecoin, prioritizing Tesla amidst a significant decline in quarterly profits. Tesla’s net income plummeted to $409 million from $1.4 billion in the first quarter of 2024, marking a 71% drop according to their earnings release. The electric vehicle (EV) giant also witnessed a revenue decrease of 9%, reaching $19.3 billion, significantly below Wall Street expectations of $21.45 billion.