Shares of Tesla climbed Wednesday to their highest level in over six months, as the electric vehicle maker pares its historic 2022 losses and stacks on tens of billions of dollars to the fortune of its polarizing CEO Elon Musk.
Tesla stock rallied more than 3% to $229 in early trading, helped by the federal government’s confirmation Tesla’s cars qualify for a $7,500 tax credit and the Mongolian government’s indication it’s open to hosting a Tesla battery factory.
Musk’s firm now trades at its highest level since November 1, 2022.
After cratering to a two-year low in early January, Tesla shares are up 111%, the third-largest return of any company in the S&P 500, which is up 12% this year.
That rally has propelled Musk to once again become the richest person on the planet, according to Forbes’ calculations, topping LVMH chairman Bernard Arnault for the first time in six months; Musk was worth $216 billion Wednesday, up nearly 50% since late 2022.
Despite the sustained rally, shares of Tesla remain 44% below their November 2021 peak of $410, far underperforming the S&P’s 6% loss during the period.
Tesla is on pace to gain for its ninth consecutive trading session, its longest consecutive stretch in the green since December 2020 to January 2021.
After surging during the pandemic, Tesla stock faltered dramatically last year as investors soured on the company’s promises of near limitless growth and Musk’s affair with Twitter, the social media platform he controversially bought last year for $44 billion, pulling away the billionaire’s time and financial resources from Tesla. Wall Street began to regain faith in Tesla after the firm reported record quarterly revenue and earnings in January, setting forth a rally that gradually gained steam as Musk found a replacement as Twitter CEO and played nice with lawmakers in the U.S., China and beyond.
Tesla, which accounts for a majority of Musk’s fortune, may be booming, but Twitter is amidst a far gloomier stretch as Musk’s efforts to transform the company into the most valuable company on earth. The New York Times reported Monday Twitter’s advertising revenues were down 59% this April compared to the year prior, while Fidelity said last week it values Twitter at about $15 billion, about a third of the sticker price Musk paid last year.
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