NEWS
NEWS

Tesla Rises on Wall Street Following Article About Musk's Departure from the Trump Administration

Updated

The value of Tesla's shares has increased by 3.91% after a 6% drop at the opening of the American stock market

Officers from Ottawa Police Service are seen at a Tesla Service and Showroom centre after it was damaged with pink spray.
Officers from Ottawa Police Service are seen at a Tesla Service and Showroom centre after it was damaged with pink spray.AP

The shares of the electric vehicle company Tesla rose on the New York Stock Exchange this Wednesday after the publication by Politico that Elon Musk will soon leave or drastically reduce his role in the government of U.S. President Donald Trump.

Around 16:06h in Europe, Tesla's shares rose by 3.91% to reach a price of $278.95. At the opening of the American stock market, the car company had dropped by 6%.

As reported by Politico on the same Wednesday, U.S. President Donald Trump has already informed his inner circle and several government members that in the coming weeks the world's richest man, Elon Musk, will take several steps back and leave the unprecedented role he held until now, as head of the so-called DOGE, the efficiency department leading the cuts and layoffs in the Administration, as a close advisor with full access, as a "co-president" of the country, as defined by his critics in Washington. This was reported on Wednesday by Politico, citing numerous Executive sources.

According to the exclusive report, "the president remains pleased with Musk and his Government Department Efficiency initiative, but both have decided in recent days that the time is approaching for Musk to return to his businesses and assume a secondary role, according to three individuals close to Trump who requested anonymity to describe the evolution of the relationship."