Tesla shares rise after Musk says he’s back at his companies ’24/7′

Tesla’s shares ticked up Monday after Elon Musk said over the weekend that he was back at his companies “24/7” following a monthslong stint in the Trump administration.

The electric vehicle company’s stock, which fell sharply over the past few months as a result of Musk’s government work, rose nearly 7 percent.

“Back to spending 24/7 at work and sleeping in conference/server/factory rooms,” Musk said Saturday in response to a post on X about the platform’s recent outages.

“I must be super focused on X/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out,” he added. “As evidenced by the X uptime issues this week, major operational improvements need to be made. The failover redundancy should have worked, but did not.”

Tesla’s stock is still down about 24 percent since late December. However, this marks a significant recovery from earlier this year when it was down nearly 50 percent, as Musk’s Department of Government Efficiency (DOGE) push became widely unpopular.

Musk said last month that he would pull back from work in the Trump administration and refocus on Tesla, after the EV firm reported a steep 71 percent drop in first-quarter earnings.

However, some of the damage to his brands appears to be more lasting. The reputations of both Tesla and SpaceX plummeted in a recent survey conducted by Axios and Harris Poll. And Tesla sales in Europe and the United Kingdom fell by 49 percent year-over-year, according to new data from the European Automobile Manufacturers’ Association.

Amid the widespread blowback, the tech billionaire recently suggested he will also pull back on political spending. He spent at least $250 million to help boost President Trump’s campaign in the 2024 election.

“In terms of political spending, I’m going to do a lot less in the future,” he said last week, adding, “If I see a reason to do political spending in the future, I will do it. I do not currently see a reason.”

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