Tesla CEO Elon Musk makes lofty and hilarious prediction for the stock
12/17/2024 12:36 PM
If we know a few things about Tesla CEO Elon Musk, it is that he loves a good meme and has a lot of money because of his holdings in the EV maker.
There are a few rare occasions where these two things go hand-in-hand, and on Monday night, we got exactly that.
Tesla shares have been running up since the election, which saw President-elect Donald Trump win for the second time in three times. He became the first President since Grover Cleveland in the late 1800s to win in non-consecutive terms.
The company’s stock is up big — over 85 percent — since Trump’s big win on Tuesday, November 5. Along with the stock run-up are a few meme-worthy numbers, like $420.69 and $469.42, a few prices that usually get a giggle from the diehard Tesla fans on X, Musk’s social media platform.
With all of these numbers and a near-endless combination of them available, Tesla shareholders are waiting for their next opportunity to laugh at their skyrocketing portfolios and the prices that come along with them. One investor said the next big number will be $690.42, a price that is over $200 away.
It will also skyrocket Tesla to a $2 trillion market cap.
Musk says he believes Tesla shares will reach that price again in the future, marking a lofty prediction for the company in the coming years as many believe the stock’s surge is far from over, especially in the long term:
At some point in the future, I think that will happen
— Elon Musk (@elonmusk) December 17, 2024
Wall Street firms and the analysts that follow the stocks, at least from a bullish perspective, have big numbers for Tesla.
Wedbush’s Dan Ives boosted his price target for the second time since the election this past weekend, believing the Trump White House will benefit the company’s AI and Full Self-Driving goals with streamlined regulatory processes, something Tesla has worked against for years.
Ives said in a note to investors:
“We estimate the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla and we fully expect under a Trump White House these key initiatives will now get fast-tracked as the federal regulatory spiderweb that Musk & Co. have encountered over the past few years around FSD/autonomous clears significantly under a new Trump era. We believe Tesla could reach a $2 trillion market cap by the end of 2025 as the company's autonomous vision starts to take shape…”
Tesla continues to soar after bull pushes price target up again, adding a new bull case
Tesla shares are up again today, trading at $468.53 at 12:33 p.m. on the East Coast. The stock is up over 88 percent so far this year.
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