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Tesla stock in flux as Musk's Trump support and robotaxi delay whipsaw
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TSLA
-3.10%

Tesla (TSLA) shares pushed higher in late-afternoon trading on Tuesday,
following an early bump on Monday that fizzled into the trading session
yesterday. Tesla CEO Elon Musk is driving the news.

Over the weekend, Musk endorsed former President Donald Trump following a
failed assassination attempt at a campaign rally. Musk�s closeness to Trump
is seen as a positive for Tesla, despite Trump�s disdain for EVs and desire
to roll back EV tax credits implemented under President Biden. Despite
this, the Wall Street Journal reported Musk will commit a massive $45
million a month to a pro-Trump Super PAC, further cementing his commitment
to a second Trump term (though Musk indicated in a tweet that the report
was false).

Musk isn�t the only billionaire outwardly supporting Trump, but government
policies associated with Trump�s potential return to the White House would
have significant ramifications for Tesla.

Tesla shares closed up 1.6% on Tuesday.

Another bit of news with significant implications for Tesla is the
automaker�s future with robotaxis. Musk all but confirmed late Monday that
Tesla would be delaying its robotaxi reveal, which was slated for Aug. 8.

�Requested what I think is an important design change to the front, and
extra time allows us to show off a few other things,� Musk tweeted in reply
to a post regarding changes and a delay to Tesla�s robotaxi.

Tesla stock is still nearly flat for the year despite a steep early-year
sell-off as the enthusiasm behind Tesla�s robotaxi, shareholder approval of
Musk�s controversial pay package, and new growth in Tesla�s energy business
sent Tesla stock on a steep rise � nearly 30% in the past month.

It was that move that led to UBS downgrading the stock at the end of the
week last week.

�TSLA has always traded with a premium attached to it for other, future
growth initiatives. However, at current levels, we believe that
unidentifiable premium is too significant,� UBS analyst Joseph Spak wrote
in a note to clients.

However, analysts at Mizuho and Citi bumped their price targets up for
Tesla and reiterated their Neutral ratings, forced to play catch-up on
Tesla�s stock move.

Finally, a new piece of bullish news for Tesla crossed on early Tuesday as
Bloomberg reported the automaker had posted nearly 800 openings for new
positions, from service jobs to postings for engineers in the robotaxi and
Optimus robot divisions.

In April Musk had emailed Tesla staff confirming a "more than 10%"
headcount reduction following prior reports that layoffs could hit as much
as 20% of staff. Following Musk�s layoff confirmation, Wedbush�s Dan Ives
said the cuts were an �unfortunately necessary move for Tesla to cut costs
with a softer growth outlook.�

While 800 new job postings pale in comparison to the thousands that were
likely laid off back in the spring, fresh hiring may indicate that Tesla
sees better times ahead from a financial perspective.

https://finance.yahoo.com/news/tesla-stock-in-flux-as-musks-trump-support-
and-robotaxi-delay-whipsaw-shares-161140748.html