Elon Musk says he will refocus on Tesla. Photograph: Jose Luis Magana/AP Elon Musk is back, and that’s good news for Tesla! At least, that’s the narrative some investors are clinging to. Despite missing already-lowered expectations in another dismal quarter, shares bounced as bulls proclaimed a “new chapter” was beginning. Wedbush analyst Dan Ives led the charge, hailing Musk’s apparent recommitment to Tesla. Musk had “read the room”, turned away from Doge [department of government efficiency] and the Trump White House, and was “laser focused” on Tesla again. READ MORE He had done this pivot “loudly and clearly in a conference call that we view as a turning point in the Tesla story”. Really? On the call, Musk said his time on Doge would “drop significantly”, but then clarified he’d still spend “a day or two per week” on US government matters, “probably” for the remainder of Trump’s presidency. Instead of acknowledging Tesla’s brand damage, he leaned into conspiracy talk about paid protesters. He used the word “fraud” seven times. It didn’t exactly scream CEO 2.0. It’s hard to argue Tesla’s downturn is fully priced in. Yes, the stock has almost halved, but that only takes it back to early November, before Trump’s victory sent it to the heavens. Tesla trades at 92 times forward earnings, four times more than the other magnificent seven tech stocks. Meanwhile, the cracks are showing. On Thursday, we learned EU Tesla sales were down 36 per cent last month, even as electric vehicle sales rose 17 per cent. On the same morning, Musk was busy on X. Doge, deportations, judicial corruption, a mocking AI video about Volodymyr Zelenskiy and Trump – the usual stuff, really. Sounds like the old chapter never closed.