Tesla share price jumps by nearly $300 billion in 11 days

Tesla has seemingly done the impossible, surging by hundreds of billions of dollars despite a looming recession casting a pall over the US stock market.

Tesla’s market valuation price has surged by $US194 billion ($288 billion) in less than two weeks despite a looming recession casting a cloud over the US stock market.

At time of writing, on Tuesday morning AEST, Tesla’s share price was up 2.22 per cent from the previous day, trading at US$249 ($368) per share.

The electric vehicle manufacturer has gone up by nearly $300 billion in just 11 days, in its longest ever “winning streak”, off the back of some news that buoyed investors’ expectations.

General Motors Co announced last week users of its electric vehicles would be able to access Tesla’s Supercharger network from 2024, and that it would adapt cars to make these charging stations easily accessible.

This followed Ford making a similar move at the end of May, prompting the stock market pile-in.

The announcements brings Tesla’s charging ports a step closer to becoming an industry standard across the country.

RBC Capital Markets analyst Tom Narayan explained in a note: “More people buying EVs (whether they be GM or Ford for that matter) increases the likelihood that they buy Teslas.

“A rising tide lifts all boats and if consumers see their neighbour having an EV, they are more likely to buy one themselves – and this increases the chances they buy a Tesla.”

Tesla’s share price is continuing to surge.

Tesla stock started the year at US$108.1 a share.

That was a significant fall from grace from Tesla’s high of US$407 ($602) per share, which it reached in November 2021.

But as of today, Tesla is sitting at US$249 a share in more than a 100 per cent increase from the beginning of 2023.

In 2022, amid a market meltdown and also bad press around Tesla founder Elon Musk taking over Twitter, the car company's stock price fell by as much as 65 per cent.

In total, about US$700 billion ($1 trillion) was wiped off Tesla’s market cap.

The situation appeared so dire that at the end of last year Tesla was offering US customers a rare $US7500 ($11,000) discount to pre-order two of its two models.

At Tesla’s peak, the EV company had a market capitalisation that surpassed $US1 trillion ($1.47 trillion).

At time of writing, it was sitting at US$782 billion ($1.15 trillion) in its total market cap.

Tesla has enjoyed a boost to its market cap in recent day. Picture: Brandon Bell / Getty Images via AFP

SpaceX, Twitter and electric car maker Tesla CEO Elon Musk is once again the richest person in the world. Picture: Michel Euler / POOL / AFP

Musk’s personal fortune has enjoyed an uplift amid the price increase in Tesla.

His net worth has risen by US$84 billion ($124 billion) since January 1, to come in at US$221 billion ($327 billion), according to the Bloomberg Billionaire’s Index.

In fact, his personal wealth is going so strong that at the beginning of this month, he reclaimed his title of being the world’s richest person.

In December, Musk slipped to the second position on the global rich list.

Bernard Arnault, the chief executive of the luxury group LVMH, which oversees brands like Louis Vuitton, Dior, Sephora and Tiffany & Co., briefly pushed Musk out of the top spot on December 8.

Then on December 14, Arnault managed to retain the top slot, relegating Musk to position two among the world’s billionaires.

However, on June 1, Musk reclaimed the number one position on the rich list.

The Tesla founder officially shed around $US200 billion ($294 billion) of his personal fortune in 2022.