Elon Musk has said he will pull back “significantly” from Doge in May.

Speaking on a Tesla investor call on Tuesday, the billionaire, who is one of Donald Trump’s most trusted advisors, said he will cut down his time in government “significantly” amid plummeting profits for the car company.

“I think starting probably next month, May, my time allocation to Doge will drop significantly,” Mr Musk said, according to Bloomberg.

He added that he expects to be involved to some extent with the White House for “the remainder of the president’s” second term.

Tesla’s profits have plummeted to a five year low as the electric car company counts the cost of Mr Musk’s alliance with Mr Trump, and the beating his reputation has taken as a result.

The electric car company’s net income slumped by 71 per cent to $409m (£307m) in the three months to the end of March, marking its least profitable quarter since 2020.

Left-wing drivers have mounted a boycott of the company’s cars in response to Mr Musk’s decision to take a position in the Trump administration, with the president’s sweeping tariffs also impacting the business.

The company warned: “Uncertainty in the automotive and energy markets continues to increase as rapidly evolving trade policy adversely impacts the global supply chain and cost structure of Tesla and our peers.”

Tesla also admitted a “changing political sentiment” was damaging sales. Deliveries of its vehicles fell 13 per cent in the first three months of the year, Tesla reported earlier in April.