Elon Musk’s net worth has plunged $113 billion since January, driven by Tesla’s sharp 33% stock drop and collapsing EV sales as public backlash mounts over his role in the Trump administration’s DOGE initiative.

Typically, this would result in a sharp decline in investor confidence and share prices. Tesla’s share prices have indeed dropped over 40% this year. But after the earnings report, Tesla’s stock rallied when CEO Elon Musk vowed to scale back his involvement with the US Department of Government Efficiency (Doge) and focus on Tesla instead.

A sobering quarterly report puts more prssure on Tesla’s chief executive to make good on his promises for fully autonomous vehicles.