Tesla Stock Jumps as CEO Elon Musk Says He Will Return To 'Spending 24/7 at Work'
Key Takeaways
- Tesla shares jumped Tuesday after CEO Elon Musk said over the weekend that he plans to be “super focused” on his businesses and return to “spending 24/7 at work.”
- The comments come after Musk said last month that he would spend more time at Tesla amid calls for the CEO to scale back his political activities.
- Investors’ perception that Musk was overly focused on his work leading the U.S. government’s cost-cutting department, DOGE, instead of running the EV maker has dogged Tesla shares this year.
Tesla (TSLA) shares jumped Tuesday after CEO Elon Musk said over the weekend that he would refocus more of his attention on the EV maker.
“Back to spending 24/7 at work and sleeping in conference/server/factory rooms,” Musk posted on his X social media platform on Saturday. “I must be super focused on 𝕏/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out.”
Investors’ perception that Musk was overly focused on his work leading the U.S. government’s cost-cutting department, DOGE, rather than running the EV maker has dogged Tesla shares this year. Enthusiasm for Musk’s plans appeared to offset news that Tesla’s European Union (EU) registrations tumbled for a fourth consecutive month in April, even as overall new battery-electric vehicle registrations rose.
Analysts Look Forward to June Robotaxi Launch
Wedbush analysts said last week that the next positive catalyst for Tesla’s stock could be “centered around the success of its autonomous vision taking hold,” with launch next month’s launch of robotaxis in Austin. Wedbush’s Dan Ives, a longtime Tesla bull, has also previously called for Musk to step back from the government work.
Shares of Tesla were up nearly 7% in recent trading, amid a broader rally after President Donald Trump pulled back accelerated tariffs on imports from Europe. The stock is still down about 10% for the year so far, but well off earlier 2025 lows.