Official announcements or press releases from automakers or Tesla

Tesla Soars 6.9% Post-Trump Win; Short Sellers Lose $5.2B, Wedbush Raises Target to $400

Nov 11, 2024, 12:09 PM

Since Donald Trump's victory in the 2024 U.S. presidential election, Tesla Inc.'s stock has surged, leading to significant losses for hedge funds shorting the company. Short sellers have reportedly lost $5.2 billion between election day and Friday. Tesla shares rose 6.9% in pre-market trading as investor optimism grew. The rally has been further bolstered by Wedbush analyst Dan Ives raising his price target from $300 to $400, maintaining his Outperform rating. Ives described the Trump administration as a 'game changer' for Tesla's autonomous and AI initiatives, estimating that the AI and autonomous opportunity is worth $1 trillion for the company. The stock's performance reflects anticipation of the potential impact of the Trump-Musk alliance on Tesla's future growth.