Tesla CEO Elon Musk announced he will reduce his time in Washington D.C., to a couple of days a week, following a 71% drop in Tesla's first-quarter profit. This comes after Tesla reported earnings of $409 million, significantly lower than the previous year. Musk attributes the slump to increased competition from Chinese automakers, a lack of new models, and his support of far-right causes impacting sales.

Prepared by Christopher Adams and reviewed by editorial team.