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Shares of Tesla (TSLA) started moving higher following a Politico report that Elon Musk will be stepping away from his role in the administration soon. Wealth Anchor Julie Hyman reports the breaking news.
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Elon Musk is reportedly preparing to step back from his current role in the Trump administration. That's according to Politico. And we should mention after the report, Tesla shares that's coin coincided with them turning positive, along with broader markets. They reversed earlier losses that were fueled by their miss in first quarter sales. We saw first quarter Tesla deliveries down 13%. The president according to Politico is pleased with Musk's dodge initiative, but the two have decided that Musk was ready to step back so he could focus more on his business. Per Politico, Musk will remain involved in the administration in a supporting role. Now Musk has previously acknowledged the toll his time in the Trump administration has taken on Tesla. He's called his advisory role a quote, very expensive job. As we've been talking about, it's not clear even if he returns to Tesla if it will undo some of the brand damage that seems to have been done to the company. That will remain to be seen here. Um it sounds like according to Politico, the timing of of Musk going back to Tesla in a more full-time capacity would happen in the coming weeks. So we will see if and when that does indeed happen.