Tesla shares rise as Elon Musk cuts ties with Trump administration
Musk's ties with US President Donald Trump and his tilt towards right-wing politics in Europe had fuelled waves of protests against Tesla in recent months, pushing some buyers away and rattling investors worried about brand damage.
With Tesla on track for a second straight annual sales decline after its first-ever drop in 2024, pressure was mounting on the world's richest man — who also owns SpaceX and X — to refocus on the carmaker that underpins much of his fortune.
Musk signalled recently he was cutting back on his role with the department of government efficiency (Doge), telling shareholders in March he would reduce his time to a day or two per week.
He also announced last week that he will cut his political spending substantially. Musk spent nearly $300m (R5.35bn) to back Trump's presidential campaign and other Republicans last year.
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