Tesla's Profits Plummet Nearly 71% Following Musk's Political Foray

Tesla, the automotive company led by magnate Elon Musk, has reported a staggering 70.5% drop in net profit attributable to investors during the first quarter of 2025. This decline underscores the impact of Musk's political ventures on the company's financial results.

Specifically, the American firm earned $409 million between January and March, compared to $1.39 billion in the same period the previous year.

According to data released by the company on Tuesday, total revenues amounted to $19.335 billion, which is over 9% lower than the $21.301 billion recorded in the same months of 2024.

Meanwhile, revenues from car sales fell by 21.5% in the first quarter of the year, down to $12.925 billion from $16.46 billion a year earlier.