Tesla's first-quarter earnings for 2025 showed significant declines compared to the previous year. Revenue fell 9% to $19.3 billion, missing Wall Street expectations. Automotive revenue decreased by 20% to $14 billion, partially offset by a 67% increase in energy generation and storage revenue to $2.73 billion. Net income dropped even more sharply, down 71% year over year to $409 million. CEO Elon Musk's role as head of the so-called Department of Government Efficiency (DOGE), along with his public support for President Donald Trump, has triggered widespread backlash. Protests, vandalism of Tesla stores and vehicles and boycotts by progressive customers — a key EV demographic — have hurt sales. Those considering purchasing Tesla vehicles may either be personally concerned about Musk's political affiliations or worried about reports of attacks and vandalism — which may lead them to reconsider. Musk announced that he will scale back his DOGE role starting in May 2025 to one or two days per week, refocusing on Tesla to address investor concerns about his divided attention. He expects to maintain some DOGE involvement through Trump's term to prevent "waste and fraud" from returning but emphasized Tesla as his priority. This shift boosted Tesla's stock following the release earlier this week, signaling investor approval. Wondering whether his efforts might have a lasting impact on the brand and reputation, I spoke with Eric Schiffer, chairman of Reputation Management Consultants, after the earnings release to get the opinion of someone who owns a firm that specializes in situations like these. "All of this is ultimately managed. There is a way for Elon to pour his knowledge, his expertise - his brilliance is undeniable - in a way that still allows him to execute on his personal desires for the country, but manage the optics … he will find that balance, adjust in line with first principles, and reorganize. Elon has to be Elon. One thing you can count on … we've not seen the end of his innovations. His ability to tell a vision that enhances the quality of humanity and the survival of the human experience — that's his superpower." he said. Some Tesla shareholders agree, as the company has rallied since. However, options markets have maintained some skepticism. Others may still, too. As Schiffer also said, many detractors view "everything Donald Trump does as the work of the devil," and it may take some time for them to set aside Musk's association with the administration if they are in the market for an EV. Put volume remains elevated and implied volatility for two-month options. The price of options effectively closed Wednesday at around 66%, more than 1.5 standard deviations above the two-year mean of approximately 53.5%. Investors feel a little better, but not much. TSLA 5D mountain Tesla 5-day chart The trade It may take some time for Tesla to regain its mojo, and the options market suggests it could be a bumpy ride. One way shareholders can marginally smooth things out between now and the next anticipated earnings release in late July — while taking advantage of the elevated options premium — is to sell covered calls. The May 30 weekly $300 strike calls, 20% above Wednesday's $250, would collect nearly $5.70 per share in premium ($570, as each contract represents 100 shares) or more than 2% of the current stock price in just over a month. Not bad for a stock that doesn't pay a dividend. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? 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