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Elon Musk to Step Back from Trump Administration Role
Recent reports indicate that Elon Musk is poised to reduce his involvement in the Trump administration, as detailed by Politico. Following this announcement, Tesla shares began to recover from previous dips, reflecting a broader upturn in the market. This recovery comes in the wake of disappointing first-quarter sales, which saw Tesla deliveries fall by 13%.
According to sources, President Trump has expressed satisfaction with Musk’s initiatives, particularly his work on various projects. However, both parties have agreed that Musk’s focus should shift back towards his business endeavors. Although Musk is set to take a step back, he will still retain a supportive role within the administration.
Previously, Musk has spoken candidly about the burdens his advisory position has placed on Tesla. He described the role as a “very expensive job,” suggesting it demanded significant time and resources that could have been dedicated to his company instead. The implications of his absence from government advisory duties on Tesla’s brand reputation remain uncertain, raising questions about whether Musk’s full return to the company could help restore its standing.
As reported, Musk’s transition back to a more comprehensive role at Tesla is expected to occur in the coming weeks. The tech and automotive industries will be watching closely to see how this shift unfolds and its potential impact on Tesla’s future performance.
Source
finance.yahoo.com