Tesla's stock turned positive Wednesday as a report suggested that CEO Elon Musk might be stepping back from some of his government work.

Shares of Tesla ( TSLA ) finished the day up 5.3% to near $283, climbing back into the green after the company's latest quarterly deliveries news pulled them lower in morning trading. Part of the reason may be a report from Politico saying that President Trump has been telling people Musk could soon "return to his businesses and take on a supporting role" politically.

Politico 's report cited "three Trump insiders who were granted anonymity to describe the evolving relationship."

In an afternoon message on the social network X, White House spokeswoman Karoline Leavitt called the story "garbage," adding that both Musk and Trump have said Musk will "depart from public service as a special government employee when his incredible work at DOGE is complete." Musk in his own message said the story was "fake news."

Musk has been a particularly active member of Trump's second administration, leading the efforts of the Department of Government Efficiency and, more recently, pouring millions of dollars into an ultimately unsuccessful effort to elect a Republican candidate to Wisconsin's Supreme Court.

Musk's close and constant work with Trump, which included the president promoting Tesla's vehicles at the White House, had attracted its share of detractors, including those of a partisan nature but also investors concerned that he wasn't spending enough time managing Tesla at a challenging time for the auto business and signs that its car business is slowing.

Last week Musk said his xAI artificial-intelligence company had acquired the social-media network X that he also owns.

Tesla's shares are down about 30% this year.

This article has been updated to add the Leavitt and Musk statements and update share-price information.

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