Tesla (TSLA) Stock Reaches Record High Amid Market Optimism

Dec 11, 2024

Tesla's (TSLA, Financial) stock surged by 3.5% to $415, marking a record intraday high. The rise is attributed to market expectations that the company's autonomous driving business will benefit under Donald Trump's presidency. Throughout most of 2024, Tesla's stock lagged behind other major tech stocks but experienced a significant increase since late October. This growth was initially driven by better-than-expected third-quarter results, followed by optimism regarding Trump's election victory potentially benefiting Tesla. CEO Elon Musk, a strong Trump supporter during the U.S. presidential election, is leading efforts to cut at least $2 trillion from the federal budget. Morgan Stanley recently raised its target price for Tesla.

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