Tesla's first-quarter earnings report itself was a disaster, but Musk gave investors some much-needed good news on the conference call.

Tesla ( TSLA 4.71%) stock gained ground today in the lead-up to its first-quarter earnings results, which were published after the market closed. The electric vehicle (EV) leader's share price ended the day up 4.8% amid a 2.5% jump for the S&P 500 and a 2.7% gain for the Nasdaq Composite.

Tesla's stock price has unexpectedly shot up after the Q1 2025 earnings report. Although financial results declined, Musk’s announcement that he’ll be stepping back from the government to focus on Tesla likely contributed to the stock increase.

Elon Musk, CEO of Tesla, said he would be spending less time with the Trump administration after first-quarter earnings fell short of expectations.

(Reuters) -Tesla CEO Elon Musk said on Tuesday he will cut back his work for President Donald Trump to a day or two per week starting sometime next month, after the billionaire's aggressive cost-cutting tactics sparked public backlash and investor concern.