Tesla’s stock experienced a nearly 6% increase on Wednesday, propelling the electric vehicle manufacturer’s share price beyond its previous high established in 2021. Having doubled in value last year, the stock has surged approximately 71% in 2024, with the majority of these gains occurring following Donald Trump’s election victory last month.
Analysts at Roth MKM noted in a report dated December 2 that Musk’s genuine support for Trump likely expanded Tesla’s base of supporters and enhanced the company’s credibility regarding demand growth.
On Wednesday, Tesla’s shares reached an all-time high, exceeding the previous record set in 2021, driven by a post-election surge and heightened enthusiasm from Wall Street for Elon Musk’s electric vehicle enterprise.
The stock closed at $424.77, approximately $15 above its former peak of $409.97 recorded on November 4, 2021.
Tesla’s market capitalization has increased by around 71% this year, with nearly all of this growth occurring since Donald Trump’s election victory early last month. The stock’s 38% rise in November marked its strongest monthly performance since January 2023 and ranks as the 10th best in its history.
According to Federal Election Commission filings, Musk invested $277 million into a pro-Trump campaign initiative and transformed his support for the Republican nominee into a full-time endeavor ahead of the election, financing a voter registration operation in swing states and utilizing his social media platform X to promote his chosen candidate, often disseminating misinformation.
The world’s wealthiest individual, whose net worth has reportedly increased to over $372 billion according to Forbes, is poised to head the Trump administration’s “Department of Government Efficiency,” alongside former Republican presidential candidate Vivek Ramaswamy.