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Tesla Stock Surges to a Record Above $1,200 as the Rally Renews

Tesla stock soars to a new all-time high above $1,200 as the rally reignites the upside momentum. Elon Musk’s wealth tops $335bn.

SageFX - Nov, 02, 21

*Sage FX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Principal Points

  • Tesla stock skyrockets to a fresh record high of $1,208 as the rally regains momentum
  • Elon Musk is now worth $335 billion as he adds $24bn in a single day

Tesla Stock Continues to Run Wild

Tesla stock advanced on its upward trajectory on Monday amid a broader stock market move higher. However, the electric-vehicle maker surged ahead of the pack and notched a fresh closing record of $1,208 a share.

That said, Tesla stock jumped about $95, or 9% yesterday, extending its record-setting run into the first day of November. It’s worth noting that the phenomenal rally of Tesla has been upheld by strong faith in the company.

Since the Hertz order for 100,000 Tesla cars was announced a week ago, Tesla shares have gained 33%. Moreover, the car company is now valued at $1.2 trillion, the only car manufacturer to command a valuation of over $1 trillion.

Elon Musk’s Wealth Tops $335 Billion

More recently, Tesla picked up momentum during regular trading Monday, building on a pre-market gain of 2%. As a result, Tesla stock is now up almost 60% for the past month and nearly 220% in the past 12 months.

Against that backdrop, the enormous wealth of Elon Musk continues to grow at a rapid pace. Gains from yesterday alone translated to a windfall for the Tesla CEO. In other words, Elon Musk, with a 21% share in Tesla, added $24 billion to his net worth. Now, the eccentric billionaire has about $335 billion under his name.

What’s the Big Picture for Traders?

The fresh record for Tesla comes amid increased buying among the broader financial market. In more detail, stocks on Wall Street notched a new record high on Monday, continuing the upside move from the past week.

Not only that, but the Dow Jones Industrial Average topped 36,000 points for the first time ever. The big picture, however, holds several uncertainties, the first of which should be addressed tomorrow. With this in mind, the US Federal Reserve is gathering today for its two-day policy meeting. And on Wednesday, Fed Chair Jerome Powell will appear for a speech. In it, he will try to assuage investor fears over high inflation and withdrawal of monetary support.

What’s Going on with Bitcoin?

The price of bitcoin on Tuesday is floating in positive territory. In the early hours of the session, the original cryptocurrency gained about 2% to currently trade near $61,500 per coin. On that note, crypto traders are bracing for increased volatility in a historically beneficial month for the crypto space.

During November in the previous year, bitcoin managed to log a gain of 43%. On this front, strategists and researchers say the crypto market could experience renewed excitement as the year-end approaches. As a result, many expect to see a fresh record high for the leading token and also in the altcoin space.

Economic Data Coming Up Today (EST times)

A relatively calm trading session could unfold today in the broader market. On the economic news front, traders and investors will be looking for the latest employment change in New Zealand. The report is slated for 05:45 pm today.

Additionally, the Reserve Bank of New Zealand will have a press conference at 06:00 pm. With this in mind, elevated fluctuations may be present in the forex market, and specifically the New Zealand dollar.

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