Elon Musk added nearly $7 billion to his net worth Wednesday as Tesla’s shares rallied to a new intraday high amid a broader surge for tech stocks, as analysts have held optimism for the automaker in the weeks since the election.
The automaker’s stock has rallied in recent weeks as analysts remain optimistic for the Musk-led ... [+]
Tesla’s shares increased by more than 3.7% to just below $416 as of around 1:10 p.m. EST, surpassing the stock’s all-time intraday record high of $414.50 set on Nov. 4, 2021, when shares closed at $409.97—the stock’s highest close ever.
The stock has traded in the green in seven of the eight trading sessions so far this month, with shares up by more than 20% in December as of Wednesday.
This month’s rally follows optimism from several analysts last week, after the investment firm Stifel elevated its price target for Tesla from $287 to $411, the highest of all 45 Wall Street price targets tracked by FactSet.
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Nearly 66%. That’s how much Tesla shares have increased since Nov. 5, the day before the presidential election, in what Stifel analyst Stephen Gengaro called a “crazy month” for the stock. A Trump administration likely “bodes very well for Tesla,” Gengaro wrote, suggesting Tesla has a “clearer path” to regulatory approval for its Full-Self Driving programs and self-driving robotaxis.
This is a developing story.