Shares notched their first record close since December 2024, reinforcing the continued dominance of the so-called “Magnificent Seven.”
Nearly a year after its last all-time closing high, Tesla stock finally cleared that hurdle on Tuesday. The shares finished at $489.88, marking their first record close since December 17, 2024, according to Dow Jones Market Data. Tesla also crossed $490 on an intraday basis for the first time, reaching as high as $491.50 during the session.
The milestone underscores how dramatically Tesla’s story has evolved over the past year. In late 2024, investors were betting that CEO Elon Musk’s close ties with President Donald Trump would benefit the company. That relationship soon unraveled, however, and Tesla’s sales came under pressure as the brand became increasingly politicized.
By February, anti-Tesla protests in the U.S. and overseas had gathered momentum, fueled by backlash against Musk’s political associations, including links to far-right leaders in Europe. Slowing demand in China compounded the pressure, putting Tesla on track for an annual sales decline and sending the stock to a low of $221.86 in early April.
Since then, Tesla has staged a powerful rebound, driven by renewed enthusiasm around its artificial intelligence and robotics ambitions. Investor approval of a long-term compensation package tying Musk to Tesla for at least the next decade has also helped, as has optimism surrounding a potential initial public offering of Musk’s SpaceX.
The latest rally followed Musk’s confirmation that Tesla has begun testing fully autonomous vehicles in Austin, Texas, where it already operates a ride-hailing service. For now, employees supervise all trips using Tesla’s advanced driver-assistance system.
“Unsupervised is pretty much solved at this point,” Musk said recently at an event hosted by his xAI startup, which Tesla may invest in. “So there will be Tesla robotaxis operating in Austin with no one in them.”
Musk has said fully autonomous robotaxis could be operating by the end of December. Tesla also plans to expand its fleet and enter additional cities across Florida, Nevada, Arizona and Texas before month’s end, though time is tight and the company has yet to secure all required permits.
Tesla bulls remain optimistic. Wedbush analyst Daniel Ives said this week that Tesla’s AI and robotics strategy could lift the company’s valuation to as much as $3 trillion by the end of 2026.
Tesla is currently valued at about $1.63 trillion and on Tuesday overtook Broadcom to become the seventh-largest U.S. company by market capitalization, according to Dow Jones Market Data—a position it had not held since late May.
With Tesla’s resurgence, the seven largest U.S. companies are once again all members of the megacap tech cohort known as the “Magnificent Seven,” marking the first time that lineup has been intact since May 29.
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