Tesla’s stock has experienced a significant rebound in the past five trading days, jumping over 20 percent. Interestingly, this surge coincided with Minnesota Governor Tim Walz’s comments about finding joy in watching Tesla’s stock fall. Walz’s disdain for Tesla’s CEO, Elon Musk, who now heads the Department of Government Efficiency (DOGE) under President Donald Trump, is no secret. However, what Walz may not have realized is that Tesla shares are part of his state’s pension fund.
The revelation of the state’s investment in Tesla was brought to light by Shark Tank’s Kevin O’Leary last week following Walz’s remarks. Now that Tesla’s stock has started to climb again, Walz is retracting his previous statements, attributing them to humor. In a recent statement, Walz clarified, “I have to be careful about being a smartass. I was making a joke. These people have no sense of humor.”
Despite the recent surge, Tesla’s stock is still down by approximately 28 percent for the year. However, the company has several promising developments on the horizon, including the launch of more affordable models, the production ramp-up of the new Model Y “Juniper,” the introduction of the Cybercab and Robotaxi platform in Texas and California, and the potential release of the Optimus robot.
Tesla’s recent All-Hands meeting, which was broadcast publicly, provided investors with reassurance regarding Musk’s dedication to the company. While Musk is currently focused on addressing government spending and corruption, he remains engaged with Tesla’s operations.
As of 1:05 p.m. on the East Coast, Tesla’s shares have risen by over 10 percent, trading at approximately $274. The renewed investor confidence in Tesla is a positive sign for the company’s future prospects.
The resurgence of Tesla’s stock and Walz’s subsequent backtrack underscores the dynamic nature of the stock market and the importance of staying informed about investments. Tesla’s innovative developments and Musk’s continued involvement bode well for the company’s long-term growth potential.