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Shares of EV leader Tesla (NASDAQ:TSLA) rose on Wednesday afternoon's session following a report that Elon Musk may soon step away from his White House role, reigniting speculation about his return to Tesla's leadership.
Citing sources close to former President Donald Trump, Politico reported that Musk and Trump recently agreed on his departure from the Department of Government Efficiency (DOGE).
The White House dismissed the claims as "garbage." Meanwhile, NBC News reported Musk's tenure could end within months, concluding his 130-day stint as a special government employee.
Tesla stock climbed about 5%, though earlier in the session, shares had dipped in response to weaker-than-expected first-quarter vehicle deliveries.
Musk's government position has also fueled controversy, sparking protests and legal threats, including calls from New York City Comptroller Brad Lander to sue Tesla over misleading investor statements regarding Musk's involvement in company operations.
With Musk's potential White House exit looming, investors are closely watching whether his return can stabilize Tesla's declining stock.
This article first appeared on GuruFocus.