Musk Denies Leaving US Government – Tesla Shares Sink By 3.5% Amidst Back-to-Back Target Cuts

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Despite news hitting the wires of Elon Musk’s potential separation from the US government, Tesla’s stock received back-to-back target cut earlier today. The shares have close to 5% today after a report from Politico claimed that Musk would leave soon, with the White House casting doubt on the report. Today’s share price bump comes despite Tesla’s Q1 vehicle deliveries sitting at 336,681 and widely missing analyst estimates of 377,000.
Yet, the shares have gained as investors bet on Musk giving more time to his car company and potentially reversing its ill fortune. However, analysts from CFRA and Truist have cut Tesla’s share price target, while Wedbush analyst Dan Ives has lambasted the firm’s Q1 performance. Musk joined the White House in denying Politico’s report and termed it fake news.
Tesla Continues To Witness Analyst Bearishness Despite Rumors Of Musk Leaving His Government Role
A couple of hours after White House Press Secretary Karoline Leavitt termed Politco’s report as