Tesla (NASDAQ:TSLA) shares jumped to an all-time high on Wednesday, surpassing their prior record reached in 2021, sparked by a post-election rally and Wall Street’s increased enthusiasm for Elon Musk’s electric vehicle company.
The stock rose to a closing high of $424.77, which is about $15 above its previous peak of $409.97 on Nov. 4, 2021.
Tesla’s market value has swelled by about 71% this year, with almost all of those gains coming since Donald Trump’s election victory early last month. The stock’s 38% rally in November marked its best monthly performance since January 2023 and its 10th best on record.
Musk poured $277 million into a pro-Trump campaign effort, according to Federal Election Commission filings, and turned his support for the Republican nominee into another full-time job ahead of the election, funding a swing-state operation to register voters and using his social media platform X to constantly tout his preferred candidate, frequently with misinformation.
The world’s richest person, who’s seen his net worth swell to more than $372 billion, according to Forbes, is set to lead the Trump administration’s “Department of Government Efficiency,” alongside onetime Republican presidential candidate Vivek Ramaswamy.
The stock sank $7.08, or 1.7%, early Thursday to $417.69.