Billionaire Elon Musk is at the center of cutting federal spending for Donald Trump, but the president urged him to use a scalpel rather than hatchet.

The stock could also be sparked by Tesla's positioning in the self-driving car space, where competitor Waymo has partnered with Uber to administer paid rides in various cities. To make matters worse, Waymo and Uber have now taken the lead in Austin, where Tesla is headquartered, as customers can now order autonomous rides in the city.