Tesla Stock Pops Monday, Extending Friday's Gains
Key Takeaways
- Tesla shares jumped Monday, extending Friday’s gains following an all-hands meeting where CEO Elon Musk told Tesla employees to “hang on” to their stock.
- Musk had argued Wall Street doesn’t fully understand Tesla’s value and potential, based on expected advances in its self-driving software, and other products like its Optimus robot.
- Shares of the rest of the Magnificent Seven were also higher Monday morning amid reports that the Trump administration may narrow the scope of its planned tariffs.
Tesla (TSLA) shares surged Monday, extending gains Friday after CEO Elon Musk told employees to “hang on” to their Tesla stock in an all-hands meeting last week.
Shares were up close to 10% at $272.34 in recent trading, putting them back in the green since Election Day, though shares have still lost nearly half their value from their record high in December.
Shares of Tesla had rallied following Donald Trump’s election win in November as investors were optimistic about Musk’s proximity to the administration. After Trump was inaugurated in January, however, shares slumped as some investors saw Musk’s involvement as hurting Tesla’s brand amid declining sales and protests, along with uncertainty over how tariffs will impact its business.
At last week’s staff meeting, Musk had argued Wall Street doesn’t fully understand Tesla’s value and potential, based on expected advances in its self-driving software, and other products like its Optimus robot. The company’s stock gained in the wake of the comments.
Shares of the rest of the Magnificent Seven stocks were also higher Monday morning amid reports the Trump administration is considering excluding industries like microchips and cars from tariffs set to go into effect on April 2.