Tesla Stock (TSLA) hit a new all-time high of $420 Wednesday, following the news of CEO Elon Musk’s latest net worth boost. Musk became the first person to reach $400 billion in net worth earlier today, according to a report from Bloomberg.

JUST IN: Tesla $TSLA reaches new all-time high of $420.

— Watcher.Guru (@WatcherGuru) December 11, 2024

The Elon Musk-led firm has undoubtedly benefited from his connection with President-elect Donald Trump. Following his election win in early November, Tesla stock has been surging in value as it eyes its highest price in more than two years. With a record stock price more likely than not, all eyes are looking beyond this new ATH.

Also Read: Elon Musk Becomes First Person to Reach $400 Billion Net Worth

Last week, Bank of America upped its price target for Tesla (TSLA) to $400. The move was a big one and spoke to the potential for the company to continue gaining value well into next year. Yet, the automobile developers’ performance has already surpassed that estimation. New predictions already see TSLA to the moon, projecting a further advancement to $500 to start 2025.

Furthermore, Tesla is well-positioned to grow in 2025 with its core EV business and launch of its robotaxi. Bank of America analyst John Murphy hiked his price target for TSLA last week after visiting Tesla’s Texas gigafactory, maintaining a “buy now” rating. These kinds of developments have Tesla eyeing a $1.6 trillion market cap by the end of this year.

Tesla Stock (TSLA) hit a new all-time high of $420 Wednesday, following the news of CEO Elon Musk’s latest net worth boost. Musk became the first person to reach $400 billion in net worth earlier today, according to a report from Bloomberg.

JUST IN: Tesla $TSLA reaches new all-time high of $420.

— Watcher.Guru (@WatcherGuru) December 11, 2024

The Elon Musk-led firm has undoubtedly benefited from his connection with President-elect Donald Trump. Following his election win in early November, Tesla stock has been surging in value as it eyes its highest price in more than two years. With a record stock price more likely than not, all eyes are looking beyond this new ATH.

Also Read: Elon Musk Becomes First Person to Reach $400 Billion Net Worth

Last week, Bank of America upped its price target for Tesla (TSLA) to $400. The move was a big one and spoke to the potential for the company to continue gaining value well into next year. Yet, the automobile developers’ performance has already surpassed that estimation. New predictions already see TSLA to the moon, projecting a further advancement to $500 to start 2025.

Furthermore, Tesla is well-positioned to grow in 2025 with its core EV business and launch of its robotaxi. Bank of America analyst John Murphy hiked his price target for TSLA last week after visiting Tesla’s Texas gigafactory, maintaining a “buy now” rating. These kinds of developments have Tesla eyeing a $1.6 trillion market cap by the end of this year.