Wall Street Finally Forgives Musk for Twitter

This is telling: Tesla’s closing price today of $350 was the first time it has closed at that level since the first week of April 2022, when Elon Musk first revealed he was building a position in Twitter (now X). A two-and-a-half-year slump in Tesla’s stock price is over; it was sparked by his excursion into making over the social media app in his image and prolonged by worries over electric vehicle sales and skepticism about his recent presentation on self-driving cars.

All those worries have been washed away by investor excitement over what Musk could achieve as a close adviser to the incoming president, Donald Trump. At first glance, this enthusiasm seems counterintuitive. As our EV expert, Steve LeVine, wrote today, Trump has repeatedly vowed to kill various laws and regulations enacted by Joe Biden’s administration that aimed to build up the EV industry.