Tesla Shares Surge 6.5% After Musk's Announcement to Prioritize Company

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Tesla shares gained 6.5% in Frankfurt on Wednesday after the company reported that its core auto business exceeded low expectations for profitability in the first quarter, despite falling short on other metrics like revenue and net profit.

Traders were also reacting to CEO Elon Musk's announcement that he would significantly reduce his involvement with the U.S. administration starting next month, allowing him to dedicate more time to managing his various companies.

Tesla shares also saw a 5% increase in after-hours trading on Tuesday.

Paraphrasing text from "Reuters" all rights reserved by the original author