Shares of the Elon Musk-led automaker Tesla have rallied in May despite recent poor car sales numbers for the company in China and Europe, as the billionaire CEO promised to focus more on his businesses than politics, CNBC reported.
Tesla shares are on track for an increase of more than 20% for the month.
The stock is still down about 12% for the year. Apple is down about 21% year-to-date, the worst of all the megacaps.
The bounce back in May comes as President Donald Trump marks the end of Musk’s time as a “special government employee” at the helm of the Department of Government Efficiency,
“This will be his last day, but not really, because he will, always, be with us, helping all the way,” Trump wrote on Truth Social. “Elon is terrific!”
Musk said on the most recent Tesla earnings call that his time spent running DOGE would drop significantly by the end of May, but that he plans to spend a “day or two per week” on government work until the end of Trump’s term.
The Hill reported: Tech mega billionaire Elon Musk has officially stepped back from his role as a “special government employee” within the so-called Department of Government Efficiency (DOGE).
He arrived in Washington with an initial goal of slashing $2 trillion from the federal government and to root out waste, fraud and abuse (that was later lowered to $1 trillion). Now, looking back, what has DOGE accomplished?
Tech billionaire Elon Musk is embarking on his farewell tour as he exits the White House and returns to his companies.
This afternoon, Musk will appear alongside his now-former boss President Trump for a press conference where they are expected to take a victory lap over the Department of Government’s Efficiency (DOGE) efforts.
Trump and Musk have seemingly become best buds over the past year, but Musk has increasingly grown critical of Trump’s fiscal policies. He has recently taken some verbal shots at Republicans’ bill to advance the president’s legislative priorities.
Democrats reported: In response to Elon Musk exiting the Trump administration, DNC Chair Ken Martin released the following statement:
“It was clear to the American people that something was seriously off with Elon Musk from the moment he stepped foot into the White House — and yet, Donald Trump gave him access to Americans’ Social Security data.
This afternoon, Trump will stand side-by-side with the man who tried to dismantle Social Security, gave an inept group of kids access to our private data, and was apparently on a drug-fueled bender while he looted the government.
While America’s kids and seniors suffered, Musk was enriching himself on the taxpayers dime with billions of federal contracts. Trump should be launching an investigation into Musk, not a goodbye party.”