In a surprise move, President Trump’s transportation department has decided to keep the Biden-era rule requiring automakers and tech companies to report crashes that involve fully or partially autonomous vehicles. But they’re making a few changes that are likely to have a big impact on one company.

Rule changes announced by the Trump administration this week could allow automakers to report fewer crashes involving self-driving cars, with Tesla potentially emerging as the main beneficiary.

KEY TAKEAWAYS Tesla shares jumped Friday, extending their recent rally after CEO Elon Musk said he would spend more of his time focusing on Tesla, as the Trump administration moved to loosen rules around self-driving cars.

Elon Musk, CEO of Tesla, said he would be spending less time with the Trump administration after first-quarter earnings fell short of expectations.

Tesla’s (TSLA) profit dropped 71 percent in the first quarter, marking yet another hurdle for the company as criticism of Elon Musk intensifies. Michele Schneider, chief strategist at MarketGauge, joined TheStreet to discuss the major challenges ahead for the company.

Elon Musk, a well-known billionaire and advisor to Donald Trump, has even drawn criticism from supporters of the U.S. president. His actions are viewed by the administration as problematic, reports the "Washington Post".