Good morning from the Financial Times.
Today is Wednesday, April 23rd, and this is your FT News Briefing.
Elon Musk says he will be focusing more of his attention on Tesla,
and the IMF is trying to figure out how to deal with the global trade war.
Plus, BP is under pressure from an activist investor.
It's going to be very difficult for BP to substantially increase its oil production in the short term to be able to generate the sort of cash that Elliott is looking for.
I'm Mark Filippino, and here's the news you need to start your day.
Tesla's profits hit a major speed bump in the first quarter.
They missed analysts' expectations and dropped to their lowest level since 2020.
The company's electric vehicle sales have plummeted.
That's thanks to a weak product line and consumer backlash against CEO Elon Musk's involvement in U.S. politics.
Tesla could also get hit by U.S.
President Donald Trump's trade war.
The company has warned that it could be a target for retaliatory tariffs.
But Musk might not be in consumers' crosshairs for long.
He said during yesterday's earnings call that his work at the so-called Department of Government Efficiency is,
quote, mostly done, and that he will be devoting more time to Tesla.
The company's shares rose close to 8% while Musk was talking.
Top finance ministers from around the world are in Washington, D.C. this week.
The International Monetary Fund and the World Bank are having their spring meetings.