Elon Musk’s net worth increased by over $10 billion on Wednesday, driven by a significant rise in Tesla’s stock price, which reached a new peak amid a broader upswing in technology stocks. Analysts have expressed optimism about the automaker’s prospects in the weeks following the election.
Tesla’s shares closed on Wednesday with a nearly 6% increase, reaching $424.77. This surpassed the previous record close of $409.97 set on November 4, 2020, after the stock surged to an intraday high of $424.88, breaking the previous intraday record of $414.50 set the same day.
The stock has shown positive performance in seven out of the eight trading sessions this month, with a more than 20% increase in December as of Wednesday.
This month’s rally is attributed to the optimism from several analysts last week, following the investment firm Stifel’s decision to raise its price target for Tesla from $287 to $411, the highest among the 45 Wall Street price targets tracked by FactSet.