Tesla stock (NASDAQ: TSLA) reached a 52-week high on Thursday after it flirted with the $300 price level, reaching a high of $299.75.
Shares exploded over the past two days as the United States elected Donald Trump as its next President, a big ally of CEO Elon Musk, who helped propel Trump to a massive victory by campaigning alongside him.
Investors are effectively showing that they believe Trump’s presidency will benefit Tesla as a company, despite the potential for the end of the electric vehicle tax credit and a probable move away from an EV mandate.
Regulatory hurdles are likely to become less of an issue for Musk and his companies now that Trump will take over the Oval Office early next year.
Analysts are also putting in their two cents, stating that the positives truly rely on Musk’s great relationship with President-Elect Trump.
