Yesterday, it was announced that Elon Musk will be stepping down from the Trump administration as his term as head of DOGE—where he focused on reducing government spending—has come to an end.

This decision follows his statement at the economic forum in Qatar, where Musk said he plans to focus less on politics, as he feels he has already done enough in that realm.

What Does This Mean for Tesla (TSLA) Stock?

Musk’s move away from politics is likely a positive signal for investors. Here's why:
→ The company’s CEO can now devote more time to addressing issues such as declining vehicle sales in Europe;
→ Musk’s role at DOGE will no longer pose reputational risks for Tesla..

During yesterday’s main trading session, TSLA stock surged to $367—its highest level since mid-February.

Technical Analysis of TSLA Stock Chart

The price continues to hover near the upper boundary of an ascending channel (marked in blue), which could pose a challenge for further upward movement.

Additionally, the price has entered the $355–$375 range—a zone that previously triggered significant reversals (as indicated by arrows). Notably, there was a sharp decline from this zone between February 21–26. From a bearish standpoint, this area could act as resistance, and the candle’s close near its low yesterday supports this view.

From a bullish perspective, the fundamental outlook may still provide upward momentum:
→ A joint press conference with Trump and Musk is scheduled for today;
→ In early June, Tesla is expected to begin testing its autonomous taxis.

So, while a continued uptrend is possible, a short-term correction would seem reasonable after TSLA’s nearly 27% surge throughout May.

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