Tesla Stock Jumps: Tesla’s stock price jumped more than 2.15 per cent to $364 in after-hours trading on Wall Street. Let’s know the reason for the rise in shares…
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The reason for Tesla Stock Jumps
The reason behind this surge in shares is an announcement by Elon Musk. The company’s CEO, Elon Musk, announced that he would step down from his position as a special government employee overseeing the Department of Government Efficiency (DOGE) in the Trump administration.
Tesla Stock Jumps: Musk says Goodbye to DOGE.
Elon Musk, who had been serving as an advisor to the administration of US President Donald Trump, has resigned following efforts to reduce federal spending and reform the bureaucracy.
Tesla share performance: Tesla’s stock rallied after falling more than 1.65 per cent during trading on Tuesday, closing at $356.90.
Elon Musk X post
Elon Musk announced his resignation on the social media platform ‘X’ on Wednesday evening. He had recently indicated that he would now focus on the business of his company, Tesla and SpaceX.
What did Musk say?
Musk wrote on ‘X’, “My time as a special government employee is coming to an end. I would like to thank President Donald Trump for providing me with the opportunity to reduce wasteful spending. The ‘DOGE’ mission will grow stronger over time as it becomes a way of life.”
US President Donald Trump on Thursday (8:15 pm EST) declared a joint press conference at the White House’s Oval Office for 11 pm (IST) on Friday following Elon Musk's resignation from his position as a special government employee. In the meantime, Trump lauded the billionaire… pic.twitter.com/EQmV8fEh4h
— Matrize News Communications Pvt. Ltd (@Matrize_NC) May 30, 2025
Musk’s opinion White House Bill
After Trump’s victory in the US election, Musk was tasked with leading the newly formed Department of Government Efficiency (DOGE) in 2025, which aims to cut government spending and increase efficiency. Musk aimed to drastically reduce government spending, but he did not achieve the expected success, and many times he had differences with other members of the administration.
A White House official, speaking on condition of anonymity, confirmed Musk’s resignation. Musk announced his decision a day after CBS released excerpts of an interview with him in which he criticised Trump’s legislative agenda and said he was “disappointed” by the president’s bill.
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