Why Tesla Stock Shot Higher After Elon Musk's Comments

Not many people expected an earnings beat from Tesla's (NASDAQ: TSLA) first-quarter report last night. The results were even worse than anticipated in many respects. Yet Tesla stock soared Wednesday morning. As of noon, the stock was trading higher by 6.7%.The source of investor optimism was in the company's earnings call to discuss the results. Some think the worst may now be over for the stock after shares have plunged almost 50% off the highs reached late last year.The stock had been dropping as investor concerns grew over the amount of time CEO Elon Musk was spending in his role as head of the cost-cutting, efficiency-boosting Donald Trump initiative called DOGE (Department of Government Efficiency), and the negative reaction to his government work. In the conference call, though, Musk said a large part of his work "is mostly done." Musk also said that beginning in May, "my time allocation at DOGE will drop significantly."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool