There is a hilarious reason why Tesla stock is soaring following reports of Trump’s recent comments on Elon Musk.
Earlier this week, Tesla reported some pretty bleak news about its sales, with shares continuing to plummet.
However, something caused its trajectory to u-turn and the stock has been rising ever since.
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And hilariously, it seems that it has a lot to do with remarks made about Musk by the president.
According to Politico, three unnamed insiders revealed that Trump told confidantes that Musk would be leaving his role in government in a few months.
White House press secretary, Karoline Leavitt, denied that the report was true.
Taking to X, formerly Twitter, she wrote: “This ‘scoop’ is garbage.
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“Elon Musk and President Trump have both *publicly* stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete.”
However, despite this, the shares of the EV company began to climb and by the time that market closed, they had seen a 5.3% increase from when the markets had opened that morning.
Tesla shareholders haven’t seemed to be best pleased with their CEO in recent months, since Musk took on the role as head of the Department of Government Efficiency (DOGE).
One even publicly demanded that the billionaire share ‘five things he’s done for them this week’.
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The jibe appeared to use Musk’s own words against him as it referenced a controversial email sent out by DOGE which demanded federal employees justify their paychecks.
In a post published on X in February, one investor shared a graph which shows the poor performance of Tesla stock in recent weeks.
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The user wrote: “Please share 5 things you did for $TSLA shareholders this week. Or are you working remotely? Asking for all of us.”
There have also been boycotts of Tesla and protests at the firm’s showrooms, including incidents of vandalism.
This shift in Tesla shares may be a sign that shareholders are hopeful Musk will soon turn his attention back onto his businesses, as he has been tied up so far this year in his new job in Trump’s administration.
This unelected role has involved the billionaire hacking away at the federal budget in a bid to cut back on spending.
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So far, this has been mostly achieved by canceling contracts and making mass lay-offs of federal employees, which hasn’t been very popular among the public.