Tesla’s stock reached an all-time high of $420 on Wednesday, sparking reactions from Elon Musk and internet users. The milestone is significant, as it marks the first time the share price has crossed the $420 threshold since a 2022 stock split.
In 2018, Musk teased that he would take Tesla private if the share price hit $420, but the company remained publicly traded despite reaching this benchmark multiple times. A jury previously found Musk not liable for misleading investors over his “funding secured” tweet in 2018.
Tesla’s 70% year-to-date share price surge is attributed to Musk’s recent appointment as co-leader of the Department of Government Efficiency (DOGE) by President-elect Donald Trump. The new role aims to drive large-scale structural reform and create an entrepreneurial approach to government.
The company has recently hosted its “We, Robot” event, showcasing a self-driving taxi and Optimus, its humanoid robot. Tesla also experienced two stock splits in 2020 and 2022, which may have generated buzz around the company’s share price, but had a long-term impact of holding it low.
As X users chimed in on the news, some celebrated Tesla’s victory and reached out to Musk, echoing his prophecy.
Source: https://eu.usatoday.com/story/money/2024/12/11/tesla-stock-420-elon-musk/76926593007