He's dialing down his DOGE role but Tesla needs a new hit EV and none is on the horizon. And the company’s booming battery business will suffer from Trump’s tariffs.

Elon Musk’s far-right turn as the head of the Department of Efficiency has apparently tanked Tesla’s earnings. In a humiliating first-quarter report published Tuesday, Tesla reported that profits had crashed by a whopping 71 percent, falling to a mere $409 million, compared with $1.39 billion from the same quarter last year.