Tesla’s shares spiked on an unconfirmed report that the electric vehicle maker’s CEO, Elon Musk, may exit the Department of Government Efficiency (DOGE).

Politico, citing unnamed sources, reported Wednesday that President Donald Trump let his Cabinet and inner circle know that Musk's departure from DOGE was coming soon, with the Tesla CEO poised to move to more of a supporting role.

White House press secretary Karoline Leavitt responded to the report, calling it "garbage."

The move would allow Musk to focus on his businesses, which, in addition to Tesla, include SpaceX, X, Neuralink, xAI and The Boring Company.

"Elon Musk and President Trump have both publicly stated that Elon will depart from public service as a special government employee when his incredible work at DOGE is complete," she wrote in a post on X.

The decision for Musk to do so was reportedly a mutual one between the Tesla CEO and the president.