Written by Cláudio Afonso | LinkedIn | X
Tesla shares fell more than 6% early Wednesday after the Elon Musk-led company reported first-quarter vehicle deliveries that missed expectations.
The company delivered 386,810 vehicles during the quarter, down 12.9% from a year earlier and marking its lowest quarterly total since 2022.
However, the stock reversed course and climbed as much as 11% following a report from Politico that U.S. President Donald Trump has told close aides, including Cabinet members, that Musk will soon step back from his current role within the administration.
“There will be a point at which the secretaries will be able to do this work and do it, as we say, with a scalpel,” Trump told reporters earlier this week. Tesla’s chief executive is currently categorized as a Special Government Employee where he is limited to working no longer than 130 days out of the entire year in the role.
Citing three Trump insiders granted anonymity to discuss the evolving relationship, Politico reported that Trump remains pleased with Musk and his Department of Government Efficiency initiative, but “both men have decided in recent days that it will soon be time for Musk to return to his businesses and take on a supporting role.”
As of the time of writing, Tesla shares are up 3.30% at $277 — $13 above its intraday low of $264.
