Tesla CEO Elon Musk back to ‘sleeping in the office' ahead of earnings this week
'Back to working 7 days a week and sleeping in the office if my little kids are away,' Musk wrote in a post on X, his social media platform formerly known as Twitter, in the early hours Sunday morning.
Tesla is scheduled to make its first earnings report since Musk stepped down from his White House role on Wednesday.
3 Tesla CEO Elon Musk and President Trump speak to reporters as they display Tesla vehicles in the White House driveway.
REUTERS
His time at DOGE left behind lasting brand damage, as protesters against his severe government spending cuts set Tesla vehicles ablaze and demonstrated at showrooms.
But the world's richest man also saw shareholders grow concerned that his time was split between too many responsibilities – the White House role and his five other companies, including X, SpaceX, xAI, Neuralink and The Boring Company.
It's been this wobbly public opinion around Musk that has rocked the stock, which stood at around $250 a share when the Tesla founder endorsed Trump in July 2024.
It soared to a record high of $488.54 a share shortly after Trump's inauguration – even as the automaker continued to report flailing sales.
The stock boost was thanks to optimism that Musk's close friendship with Trump could result in EV-friendly White House policies.
That trend reversed course in April, when Tesla stock traded below $215 as the automaker reported a decline in sales and fears that Trump's tariffs would reheat inflation worsened.
A full-blown meltdown between Trump and Musk on social media in early June didn't help matters.
3 Elon Musk stands near President Trump during a press briefing in the Oval Office.
AP
Musk agreed with a call for the president's impeachment and claimed Trump was in the Jeffrey Epstein files, while Trump wrote that Musk had gone 'CRAZY.'
Tesla sold 721,000 vehicles in the first half of the year, down 13% from the same period last year – flaming fears that Musk's Trump-aligned politics were turning off left-leaning EV customers.
Wall Street analysts had expected sales closer to 970,000 in the first half, according to FactSet.
Tesla sold about 384,000 cars in the second quarter, which came in line with reduced expectations.
3 Elon Musk speaks at the Vivatech fair in 2023.
AP
On Wednesday, analysts are expecting earnings of about 40 cents a share, down from about 50 cents in the same quarter last year.
If earnings fall again, it will be the sixth quarterly decline in a row for Tesla.
Investors are hoping to hear updates on Tesla's recent robotaxi launch in Austin, Texas and its planned rollout of AI humanoid robots, which it plans to start selling in significant volumes next year.
Shareholders are also eager to hear details on a long-awaited Tesla vehicle sold at a lower price point.
Yet it's arguably most important for investors to hear that Musk is back to actively leading Tesla and plans to stay there for a while.
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