Tesla Shares Soar 2% After Musk Ends His DOGE Chapter

Shares of Tesla soared 2.15% in the after-hours on Wall Street at $364. This comes after Tesla CEO Elon Musk announced his decision to step down from his position as Special Government Employee overseeing the Department of Government Efficiency (DOGE) under the Trump administration.

Tesla shares reported a rally after plunging by 1.65% on Tuesday settling at $356.90.

Musk posted about his resignation on X, easing investors’ concerns about his increasing political activity, which could have a bearing on Tesla’s business 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.

However, despite stepping down from the position, he expressed confidence that the body would help enhance the efficiency of government finances.

In another post on X, Musk reiterated about testing Tesla’s self-driving Model Y cars (on Austin public streets with no incidents.

He said, “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.”

Tesla shares have given a staggering return of 102.57% in the last one year.

However, on a year-to-date (YTD) basis, Tesla shares fell by 6% to $400 level to current market price.