An ongoing back-and-forth between Tesla (NASDAQ: TSLA) and the state of California seems to have come to a head, as 30% of Tesla workers are now scheduled to return to work at their Freemont, CA plant on May 8 and resume auto production.
The overnight move has had a slight effect on the company’s stock price, which opened the day about 2% higher in today’s U.S. trading. At time of writing, price has continued to increase at a fast clip climbing past $815 already.
The move has come after the governor of California, Gavin Newsom, released a statewide plan on Thursday to begin an incremental return to normal business operations. Part of this “Phase II” loosening includes lifting of some restrictions on the manufacturing sector, which Tesla falls under.
The cavalcade of news out of Tesla keeps on rolling, as just yesterday CryptoGlobe reported on Tesla CEO Elon Musk’s dramatic claim of selling all his possessions on the Joe Rogan podcast. Also yesterday, several investment analysts called Tesla stock a buy, even amid the challenges of a post-corona world.
This past week was dramatic in general, as tech companies across the board released Q1 earnings reports. One surprise was the 700% uptick in Square’s Bitcoin-derived business, through its money transfer platform Cash App. However, the actual sum is less impressive, amounting to only about $7 million.
Featured Image Credit: Photo via Pixabay.com
By: Colin Muller
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