As President Donald Trump thanked Elon Musk for his service to DOGE, he additionally highlighted what he described as his profitable enterprise empire.
Tesla shares soared practically 22% in Might, one of the best month since November 2024, as traders welcomed CEO Elon Musk again with open arms after a couple of rocky months operating the Division of Authorities Effectivity (DOGE).
For traders, his tenure was painful as Musk’s focus was met with public backlash and private assaults on particular person Tesla automotive homeowners.
“Elon’s role in the Trump Administration and DOGE created brand damage and a black cloud over the story,” wrote Wedbush Analyst Dan Ives in a notice to shoppers on Friday. Tesla shares sank to a low of round $222 per share in March, earlier than regaining momentum in late April. The inventory continues to be down over 14% for 2025 and off from its all-time excessive of $479.86 reached in December 2024, as tracked by Dow Jones Market Information Group.
WHAT’S NEXT FOR ELON MUSK AFTER DOGE EXIT
“We believe that there was 20% overhang on the stock tied to Musk in the White House which is now alleviated as Musk departs the 202 area code during one of the most important technology period for Tesla,” Ives added. His value goal on the shares is $500, which means a 44% rise from Friday’s $346.46 closing value.
“Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on 𝕏/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out,” Musk posted on X on Might 24.
Tesla’s robotaxi is seen at an unveiling occasion in Los Angeles on Oct. 10, 2024. (Tesla/Handout by way of Reuters / Reuters)
MUSK CONFIDENT DOGE CAN STILL SAVE $1 TRILLION
Tesla’s extremely anticipated robotaxi rollout is about for June 12.
“For the past several days, Tesla has been testing self-driving Model Y cars (no one in driver’s seat) on Austin public streets with no incidents. A month ahead of schedule. Next month, first self-delivery from factory to customer” Musk shared on X.
Whereas the hype is there, Constellation Analysis founder Ray Wang tells FOX Enterprise it’s early days.
“I am excited there is going to be some competition in the robotaxi market. You have Waymo in a lot of places, you got Zoosks in Las Vegas and now, of course, Tesla is coming into Austin and parts of Texas as well,” he informed Stuart Varney. “He is going to start with 10 and then move to 1,000 is what he is predicting, but as you know he tends to predict early and predict big numbers that don’t always show up timely.”
White Home senior advisor Elon Musk walks to the White Home after touchdown in Marine One on the South Garden in Washington, DC., on March 9. (Samuel Corum/Getty Pictures)
Musk’s stint operating DOGE formally concluded on Friday, and President Donald Trump thanked the world’s richest man for his service as he returns to operating his enterprise empire, which incorporates SpaceX, Starlink, X, The Boring Firm and, in fact, Tesla.
TRUMP PRAISES ELON MUSK AND HIS BUSINESS EMPIRE
President Donald Trump is joined by Tesla and SpaceX CEO Elon Musk and his son, X Musk, throughout an govt order signing within the Oval Workplace on the White Home in Washington, D.C., on Feb. 11. (Andrew Harnik/Getty Pictures)
“Elon’s service to America has been without comparison in modern history. He’s already running one of the most innovative car companies in the world. If you look at his factories and compare them with some of the old factories we have, and it’s a big difference.” Trump mentioned from the Oval Workplace.
Musk informed Bloomberg in Might he plans to helm Tesla for the subsequent 5 years.
