On Wednesday, U.S. President Donald Trump dubbed it “Liberation Day in America” as Tesla’s stock continued its upward trajectory.
The stock rally was fueled by a Politico report that Elon Musk, who faced criticism for aggressive staff cuts as head of the Department of Government Efficiency (DOGE) during Trump’s second term, would soon step down from his government role.
Around midday, Tesla shares were trading at $276.96, up $8.50, or 3.2%, from the previous close.
The surge coincided with broader market fluctuations as investors awaited Trump’s announcement of a major tariff policy shift later that afternoon.
Tesla’s demand has sharply declined this year, mainly due to the public backlash against Musk’s political activities.
Tesla reported a 13% year-over-year decline in first-quarter deliveries, totaling 336,000 vehicles.
Despite an initial drop of up to 6.4% due to disappointing delivery numbers, Tesla’s stock rebounded on speculation that Musk would step down from his role at DOGE.
Politico, citing unnamed sources, reported that Trump had informed key aides—including cabinet members—that Musk would step down from his current role in the administration within weeks.
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