Tesla’s stock experienced a slight increase following the appointment of Elon Musk to a government cabinet position.
On Thursday, Tesla shares closed at $330.24 on the New York Stock Exchange, up 0.53% from the previous trading day.
In the early session, Tesla’s stock price surged more than 2% following the announcement that Musk would co-lead the newly established Department of Government Efficiency (DOGE) with conservative activist Vivek Ramaswamy.
Initially, the surge appeared to be driven by expectations that Musk, as a cabinet member, would influence electric vehicle policies.
However, as the session progressed, concerns arose that Musk’s focus on government responsibilities might lead to Tesla’s neglect, significantly reducing the gains. As a result, the stock closed with a slight increase.
With this rise, Tesla has gained 14% over the past five trading days and is up 33% year-to-date.