David Sacks Expects Elon Musk to Remain Involved with DOGE, Calls Time Management Decision Sensible

Elon Musk recently announced that he will be reducing his time commitment to the Department of Government Efficiency (DOGE) and shifting his focus to Tesla Inc. This decision has led to a surge in Tesla’s stock, with a nearly 24% increase over the past five days.

Background

During Tesla’s first-quarter earnings call, Musk revealed that he would be dedicating only one to two days per week to DOGE, sparking speculation about his level of involvement with the project. However, according to David Sacks, Donald Trump’s AI and crypto czar, Musk’s decision is a sensible one, allowing him to better balance his many responsibilities.

Streamlining Efforts

Sacks explained that Musk is not entirely stepping away from DOGE, but rather streamlining his efforts to make the most of his limited time. As a Special Government Employee (SGE), Musk is restricted to 130 days of work per year, making it essential for him to prioritize his commitments. Sacks noted that Musk’s approach is similar to his previous experience with Twitter, where he dedicated intense bursts of time to get the right people in place before shifting to a maintenance mode.

Impact on Tesla

Musk’s decision to shift his focus to Tesla has been well-received by some analysts, with Daniel Ives from Wedbush Securities raising Tesla’s price target to $350 per share. However, not all analysts are optimistic, with Ross Gerber expressing skepticism about Musk’s ambitious projections and calling Tesla’s earnings the worst performance he has seen in 11 years.

Tesla’s shares have risen by 23.73% over the past five days, but the stock is still down 24.87% year-to-date. According to Benzinga Edge Stock Rankings, Tesla currently holds a growth score of 45.57%.

Key Takeaways

  • Elon Musk is reducing his time commitment to DOGE and shifting his focus to Tesla Inc.
  • David Sacks believes Musk’s decision is sensible and will allow him to better balance his responsibilities.
  • Tesla’s stock has surged following the announcement, but some analysts remain skeptical about the company’s prospects.

For more information on Tesla’s earnings and market trends, please refer to our previous articles.