Why Tesla Stock Is Rebounding On Monday

Tesla Inc. TSLA shares were showing vibrancy in premarket trading on Monday.

What Happened: The strength likely reflects expectations that CEO Elon Musk could soon start wholly focusing on the electric vehicle manufacturer.

Musk ran a poll on Sunday, asking his Twitter followers whether he should step down as CEO of the social media platform.

See Also: How To Invest In Tesla (TSLA) Stock

About 57.5% of the respondents wanted Musk to give up his leadership role at the social media platform he acquired in late October by paying $44 billion.

Given Musk had adhered to the verdicts of his previous polls, it is highly likely that he decides in line with the people’s choice.

The poll comes in the wake of Tesla stock’s 57% slide for the year.

Tesla bulls such as Ross Gerber and Gary Black have been advocating that Musk finds a replacement for him at Twitter. The former attributed all of the Tesla stock weakness to the Twitter situation, while the latter suggested that fundamentals are partly to blame.

Price Action: In premarket trading on Monday, Tesla shares rose 4.41%, to $156.85, according to Benzinga Pro data.