Tesla has retained its Bitcoin holdings during the first quarter of 2025 as CEO Elon Musk indicated a reduction in his involvement as the Trump administration’s cost-cutting czar. Following Musk’s statement, Tesla’s (TSLA) stock price surged by 5.4% in after-hours trading on April 22 to $250.80 after a 4.6% increase during the trading day, according to Google Finance. The company’s Q1 results revealed revenues of $19.34 billion, missing Wall Street estimates by 7.85% and showing a 9.2% decline from the previous year. Tesla’s net income of $409 million marked an 80.8% quarter-on-quarter drop and a 70.5% fall from Q1 2024. Despite a drop in digital asset holdings value and Bitcoin’s price, a new rule from the Financial Accounting Standards Board now allows public companies to report their crypto holdings at market value. Tesla’s Bitcoin stash of 11,509 coins is currently valued over $1.07 billion due to the recent market rebound, as per Bitcoin Treasuries data. Musk also mentioned his plans to reduce his involvement in the Department of Government Efficiency (DOGE) to focus more on Tesla, indicating a shift in his time allocation. Tesla’s stock price rise was supported by a broader market recovery and the company’s ongoing challenges related to declining sales, Musk’s political activities, and economic uncertainties. Despite the recent positive momentum, Tesla shares remain down over 37% year-to-date.