These 10 Firms Led Friday’s Rally, Here’s Why

2. Tesla Inc. (NASDAQ:TSLA)

Tesla Inc. rallied for a fourth straight day on Friday, adding 9.80 percent to close at $284.95 apiece as investors cheered twin news that billionaire Elon Musk will devote more time to the company while also taking into account the US government’s relaxation of rules on self-driving vehicles.

Speaking at a conference call earlier this week, Musk said that he will be “allocating far more of … time to Tesla” beginning next month.

The announcement came after the company reported a plunge in earnings during the first quarter of the year. In its latest earnings release, Tesla Inc. (NASDAQ:TSLA) said net income attributable to shareholders nosedived by 71 percent to $409 million from $1.39 billion in the same period a year earlier. Total revenues declined by 9 percent to $19.3 billion from $21.3 billion year-on-year.

Musk was tapped by President Donald Trump to lead the Department of Government Efficiency (DOGE). As the agency’s head, Musk was tasked to initiate and review federal spending in a bid to eliminate inefficiencies and reduce spending.

Meanwhile, Transportation Secretary Sean Duffy unveiled a new framework for the department, emphasizing the need to cut red tape and move toward a single national standard for self-driving vehicles.

“This Administration understands that we’re in a race with China to out-innovate, and the stakes couldn’t be higher,” Duffy said.

The move spelled good news for TSLA, which has setits  sights on the development of robotaxis.