What has happened to Elon Musk? Is he fed up with public service? What could be the reasons for his reluctance to continue working with the Department of Government Efficiency (DOGE)? In the meantime, he promised to devote more time to Tesla, not DOGE. He is revising his priorities.

According to the entrepreneur, his role as head of the department is “virtually complete.” Many investors welcomed this statement, as they had been concerned that Musk’s work for US President Donald Trump could negatively impact Tesla’s financial performance. Investors and analysts had repeatedly urged the businessman to refocus his attention on the poor sales of electric vehicles and rising costs triggered by the trade war launched by the White House.

Experts say that Musk’s political involvement alienated lots of longtime customers and spoilt the brand’s image. As a result, the entrepreneur’s net worth shrank by more than $130 billion. His retreat from politics is expected to aid the recovery of both the company’s reputation and its market capitalization. According to Gene Munster, managing partner at Deepwater Asset Management, Musk stepping down from DOGE is the bare minimum “necessary for brand healing.”

In a statement, the businessman said he would continue working with the Trump administration, but in a more limited capacity. “Starting in May, the time I devote to DOGE will be significantly reduced,” the Tesla and SpaceX CEO said.

Interestingly, Tesla shares plummeted to $214 apiece in early April, although US Secretary of Commerce Howard Lutnick declared a few weeks earlier that it was “impossible” for them to fall below $235.