Tesla stock closes at highest level in over 2 years as Musk's big Trump bet pays off

Published On Nov 8, 2024, 4:11 PM

Tesla's stock closed at its highest level in over two years, driven by increasing optimism surrounding CEO Elon Musk's relationship with President-elect Donald Trump, leading to a surge of 29% in just five days. The stock rose by 8.2%, bringing its market cap to over $1 trillion. Factors such as solid Q3 earnings, increased deliveries, and future robotaxi plans have further fueled investor confidence. Analysts suggest that a win for Trump could significantly boost Tesla's stock price due to potential changes in trade policy that might benefit Tesla's position in the EV market.

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Stock Forecasts

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Positive

With the recent surge in Tesla's stock price driven by positive sentiment and strategic advantages boosted by Musk's ties to Trump, there is a strong momentum expected to continue in the near future. The overall optimism in the market, coupled with solid financial performance, positions Tesla well for further gains.

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