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 has surged to its highest close in over two years, driven by optimism surrounding CEO Elon Musk's favorable relationship with President Trump. This week, the stock gained 29%, closing at $321.22 and pushing Tesla's market cap above $1 trillion. Analysts note that Musk’s connections could position Tesla advantageously within a GOP-led government, especially if subsidies for electric vehicles are rolled back. The company's positive momentum is also fueled by strong Q3 earnings and future product developments, creating bullish sentiment among investors.

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Stock Forecasts

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Positive

Given the recent spike in stock price alongside positive company performance and investor sentiment boosted by Musk's political ties, Tesla appears positioned for further growth. Continued advancements in their technology and potential market dynamics could drive the stock higher in the coming months.

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