Elon Musk says he’ll be spending less time in Washington slashing government costs and more time running Tesla after his electric vehicle company reported a big drop in profits.

Tesla boss Elon Musk said he will cut back his role in the Trump administration as the company's latest profits and revenues showed a plunge during the beginning of the year. Sales have slumped, and the brand has faced backlash as Musk became a political fixture in the new White House administration.

Elon Musk said in an earnings call Tuesday that he will turn more of his attention to Tesla starting next month.