Femtosecond laser control of antiferromagnetic order is a cornerstone for future memory and logic devices operating at terahertz clock rates. Here, we demonstrate an ultrafast laser-induced phase transition in $\alpha$-MnTe that simultaneously engages charge, lattice, and spin degrees of freedom. Using time-resolved reflectivity and birefringence measurements, we reveal that photo-induced demagnetization is accompanied by pronounced structural and electronic instabilities, manifesting as a multistage temporal evolution following photoexcitation. The transition uncovers unique spin-charge and spin-lattice coupling pathways, which we discuss in the context of recently proposed altermagnetic phenomenology.