Tesla share price jumped over 2.15 per cent in after-hours trading on Wall Street, reaching $364, after CEO Elon Musk announced he would step down from his position as Special Government Employee overseeing the Department of Government Efficiency (DOGE) in the Trump administration.
Tesla stock saw a rally after falling over 1.65 per cent during regular trading on Tuesday, closing at $356.90.
Musk says goodbye to DOGE
Musk’s announcement, posted on his social media platform X, seemed to ease investor concerns about his increasing political activity and how it might affect Tesla’s main operations.
“As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government,” Musk said in his post on social media platform X.
Elon Musk has announced his departure from the Department of Government Efficiency (DOGE), a role he held as a top adviser to President Donald Trump. Despite stepping down, he expressed confidence that DOGE’s mission to reduce government waste and enhance efficiency would persist and strengthen over time within government operations .
In an another post on X, Musk revealed that Tesla has been testing self-driving Model Y cars (no one in driver’s seat) on Austin public streets with no incidents.
“For the past several days, Tesla has been testing self-driving Model Y cars (no one in driver’s seat) on Austin public streets with no incidents. A month ahead of schedule. Next month, first self-delivery from factory to customer,” said Tesla boss.
Tesla share price has remained volatile in last one year. Elon Musk-led company stock has delivered multibagger returns by soaring over 102.57 per cent in last one year.
Meanwhile, in terms of year-to-date (YTD), Tesla stock has descended over 6 per cent, falling from $400 level to current market price.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
