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yesterday

Musk’s Trump administration exit lifts Tesla shares ahead of robotaxi rollout

Investors are optimistic that his renewed focus on Tesla will bolster the company’s valuation as it prepares to begin driverless rides in Austin next month.

Tesla electric vehicles are pictured at one of the company's delivery centers in Valenton, near Paris, France, April 24, 2025. REUTERS/Benoit Tessier/File Photo
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Overview

  • Elon Musk will step down from his role at the Department of Government Efficiency on May 30 after reducing his government duties earlier this year.
  • Tesla’s stock rose over 2% on May 29, reversing part of an 11% year-to-date decline amid hopes for stronger leadership focus.
  • The automaker has tested self-driving Model Y vehicles in Austin without incidents and expects its robotaxi service to launch in June.
  • Wedbush Securities upheld an Outperform rating and a $500 target, estimating Tesla’s AI and autonomous operations could be worth more than $1 trillion.
  • Shares of Uber and Lyft fell about 4% as analysts warned that Tesla’s upcoming robotaxi service could pose a long-term challenge to ride-hailing models.