Tesla Sets New Record As Stock Price Soars

It’s $420 and beyond!

Tesla shares closed at a new record high of $424.77 on Wednesday, bringing the automaker’s valuation to $1.33 trillion.

The stock is now up 69% since Donald Trump won the presidential election with support from Tesla CEO Elon Musk.

Wednesday also marked the first time the stock broke the $420 barrier, which created a bizarre confluence as 420 and 69 are two numbers Musk often makes humorous references about, both in his social media post and in Tesla’s vehicle prices, thanks to their more salacious associations. He, of course, made sure to note the achievement.

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Analysts largely attribute the stock’s dramatic rise to expectations that the Trump administration’s policies will be favorable to Tesla, even as its sales slide under pressure from competitors globally and a softening of the electric vehicle adoption rate in the U.S.

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Thanks to Tesla’s stock price and a recent valuation of the privately owned SpaceX at $350 billion, Bloomberg now estimates Musk’s personal wealth at more than $400 billion, nearly twice that of the next people on the list.

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Tesla does have several new models expected to be unveiled in the coming months, including an updated version of the Model Y, which was the world’s best selling vehicle last year, and a new entry-level model positioned below the $42,490 Model 3 that may be called the Model Q.

One big question mark is the future of the Cybertruck. It is set to finish 2024 as the best selling electric pickup with far more than 30,000 deliveries as production continues to ramp up, but price cuts have been introduced and production adjusted as the year comes to a close, which could either indicate updates tare being made to the assembly process or reduced demand. Tesla’s Austin, Tex. factory was planned with the capacity to build 150,000 Cybertrucks annually.

Musk said that Tesla will also finally introduce the long-delayed second-generation Roadster sports car in 2025, but it has not yet shown an update of the vehicle that was originally unveiled as a concept in 2017.

According to Musk, the alectric car will be available with a SpaceX rocket package that will allow it to accelerate to 60 mph in less than one second.

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