Tesla shares rose 5.9% on Wednesday to close at $424.77, a record high, surpassing the previous record of $409.97 set on November 4, 2021.

Since this year, Tesla's stock price has risen cumulatively by about 71%, and has soared by about 69% since Trump won the US election.

Driven by this, Tesla CEO Elon Musk's net worth skyrocketed by 62.8 billion US dollars overnight to reach 447 billion US dollars, becoming the first superrich person on Earth with a net worth over 400 billion US dollars.

Musk's current net worth is nearly $200 billion higher than Jeff Bezos, who is ranked second on the Bloomberg Billionaires Index, and the latter is worth around $249 billion.

On Wednesday, Goldman Sachs analysts raised Tesla's target price, joining the ranks of companies that raised Tesla's stock price expectations or ratings. Goldman Sachs analysts wrote: “The market is taking a more forward-looking approach to Tesla, including opportunities in artificial intelligence.”

Analysts at Morgan Stanley and Bank of America also recently released bullish reports on Tesla.

Roth MKM analyst Craig Irwin (Craig Irwin) said last week: “Stock prices are reacting to Trump's shock.” Owen raised his price target from $85 to $380 and wrote in a report: “Musk's sincere support for Trump may double the number of Tesla fans and increase the credibility of changing demand.”