Tesla Stock Strikes New All-Time High After 3 Years, Musk’s Wealth Bloats To $384B: Retail Bulls Charge In
By Stocktwits Inc | First Published Dec 11, 2024, 10:59 PM ISTGoldman Sachs on Wednesday raised its price target on the stock to $345 from $250, maintaining a ‘Neutral’ rating.
Tesla Inc. shares surged over 3% on Wednesday morning, touching a record intraday high of $415, surpassing the previous peak set in November 2021.
The electric vehicle giant is tracking a six-session winning streak, its longest since July 2024 according to Dow Jones, and has gained nearly 66% year-to-date.
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Wednesday’s rise added over $8 billion to CEO Elon Musk’s net worth, lifting his total wealth to $384 billion, according to the Bloomberg Billionaires Index.
Musk remains the world’s richest person, with a staggering $140 billion lead over Amazon founder Jeff Bezos.
On Stocktwits, sentiment for Tesla climbed into ‘extremely bullish’ territory, accompanied by heightened message volume.
Goldman Sachs on Wednesday raised its price target on the stock to $345 from $250, maintaining a ‘Neutral’ rating.
The brokerage acknowledged headwinds in Tesla’s core auto business, including lower deliveries and slimmer gross margins, but highlighted the market’s focus on Tesla’s long-term potential in AI and other advanced technologies.
The company’s soaring stock price has also been supported by expectations of stronger ties between Musk and President-elect Donald Trump, which investors and analysts speculate could benefit Tesla’s broader ambitions in AI, renewable energy, and robotics.
Despite its red-hot rally, Tesla’s valuation remains a topic of debate, with a price-to-earnings (P/E) ratio of 109.85 — which has prompted warnings from some quarters earlier.
Tesla’s dramatic reversal this year, after struggling in the first half, underscores its resilience.
As the stock hits fresh highs, retail bulls continue to charge in, betting on Tesla’s evolving narrative as a leader across multiple transformative sectors.
Tesla, which is the most-watched symbol on Stocktwits with over 984,000 followers, has seen its follower count grow by more than 6% over the past year while message volume has more than doubled.
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