Tesla's (TSLA, Financial) stock rose approximately 5% after CEO Elon Musk reiterated his commitment to focusing on his companies, including Tesla, SpaceX, and xAI. Musk emphasized the need for "super focus" on these businesses as they prepare to launch key technologies. This announcement followed a brief outage on his social media platform, X, previously known as Twitter.
Musk admitted that significant operational improvements are necessary, as evidenced by recent technical issues on X. A weekend outage affected thousands of users, and earlier, a data center failure occurred. Since Musk acquired the platform in 2022, X has experienced multiple disruptions.
Previously, Musk expressed a desire to step back from political engagements to prioritize his business ventures. During Tesla's April earnings call, he stated plans to significantly reduce involvement in political activities. Musk, who invested time and billions supporting political causes, reportedly feels disillusioned and aims to refocus on his enterprises. He also mentioned plans to cut back on campaign donations.
SpaceX's "Starship" rocket is set to launch soon, following two earlier explosions this year. Musk plans to livestream the event on X. Meanwhile, Tesla continues to face challenges, including showroom protests and brand damage, with European sales dropping 49% in April.
