In the past month, Tesla Inc. stock has been on a historic run that has led to its first record close in three years. And the race is about a lot more than just electric cars.
So far this week, TSLA -1.33% stock has gone up 21.3%, which would be its biggest winning streak since July 10th, when it went up for 11 days.
In the morning trade on Thursday, it was up 0.4% from the previous record close of $409.97 on November 4, 2021. It had closed Wednesday at $424.77, which was above that record.
Recently, the stock has been going up steadily. On Wednesday, it went up 5.9% after General Motors Co. (GM +0.24%) gave up on its robotaxi business.
That pretty much proved the moat around Tesla’s own robotaxi business, which is what the company is counting on for its future.
In a note released Thursday, Wedbush analysts said that the story of self-driving cars, which is what the Cybercab robotaxi business is based on, is expected to be worth $1 trillion by itself by the end of 2025. This is about half of the total value of the company.
With a market value of $1.37 trillion, Tesla is the seventh most valuable company in the United States right now.
The stock has gained $240.3 billion during its current winning streak. This is more than the market values of GM, Ford Motor Co. F -0.05%, and Chrysler shareholder Stellantis N.V. STLA -0.64%, which add up to $139.8 billion.
That rise in market value is also bigger than the value of all 472 companies in the S&P 500 SPX -0.42%.
Elon Musk, the CEO, recently said that he owned about 715 million Tesla shares. This means that his winning streak has added $53.5 billion to his wealth.
His lead as the richest person in the world grew. According to the Bloomberg Billionaires Index, he is now worth $447 billion. This is Amazon.com Inc. AMZN -0.69% Founder and CEO Jeff Bezos comes in second with a net worth of only $249 billion.
And Musk’s bet that Donald Trump would win the election has paid off big for him and the people who own shares in Tesla.
The stock has gone up 69.5% since the election on November 5. Plus, Musk is now worth an extra $125 billion. This has raised the market value of Tesla by $561.3 billion.
After all of these changes, Musk is now worth more than Nvidia Corp. NVDA -0.96% CEO Jensen Huang, whose total net worth is $122 billion.
