Tesla stock rose by over 6 percent premarket after its CEO announced he would be stepping away from his work in the federal government.

Tesla reported Q1 revenue of $19.34 billion vs. $21.43 billion (Bloomberg estimate), well below the $21.3 billion reported a year ago. Tesla posted adjusted earnings per share of

Tesla boss Elon Musk has pledged to "significantly" cut back his role in the US government after the electric car firm reported a huge drop in profit and sales for the start of this year. Musk has led the newly created advisory body - the Department for Government Efficiency (Doge) - since last year,