Tesla Inc. shares jumped nearly 7% on Wednesday after CEO Elon Musk said he would significantly reduce his involvement in the US Department of Government Efficiency (DOGE), reassuring investors of his continued focus on the electric vehicle maker.
Musk, who also leads DOGE, stated that "his time allocation" for the agency "will drop significantly," while clarifying he is not stepping down from the government role. The comment appears to have eased concerns about Musk's divided attention, and investors seemed more focused on that than on the company's disappointing earnings report.
The company's stock jumped 6.84% in premarket trading to $254.25 apiece at 4:31 am CET.
