What a Day for Elon Musk—His Wealth Just Jumped Over $10 Billion!

Now worth well over $395 billion, Elon Musk’s wealth soared by another $10 billion today.

All as Tesla (NASDAQ:TSLA | TSLA Price Prediction) – which now has a market cap of $1.1 trillion – rockets about 4%, or $13.45 higher on the day. Even better, the electric vehicle stock still has plenty of room to run higher. 

Key Points About This Article

• Now worth well over $395 billion, Elon Musk’s wealth soared by another $10 billion today. All as Tesla (TSLA) – which now has a market cap of $1.1 trillion – rockets about 4%, or $13.45 higher on the day.
• Analysts at Benchmark just initiated coverage of TSLA with a buy rating with a price target of $475.
• Wedbush analyst Dan Ives also reiterated an outperform rating on the Tesla stock with a one-year price target of $550 per share.

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Moving forward, we believe TSLA could easily retest $439.74 shortly – especially with a good deal of negativity now priced into the stock.

Analysts are Incredibly Bullish on Tesla

Fueling momentum, analysts at Benchmark just initiated coverage of TSLA with a buy rating with a price target of $475. The firm cited growth opportunities in autonomous vehicles, robotics, energy solutions and the electric vehicle market as catalysts.

Benchmark added, “We believe the Robotaxi provides a huge opportunity to develop a self-sustaining ecosystem,” Benchmark stated, envisioning a model where Tesla owns and operates a growing fleet of self-driving cars, as noted by Investing.com. Plus, Tesla is expected to launch its full-self driving program this June.

Wedbush analyst Dan Ives also reiterated an outperform rating on the Tesla stock with a one-year price target of $550 per share. Ives believes the relationship between Elon Musk and President Trump could pave the way for Tesla to benefit from potential federal autonomous vehicle programs. The analyst also believes that autonomous potential could unlock a $1 trillion opportunity for the electric vehicle stock.

We also have to consider that President Trump could have a substantial impact on autonomous vehicles. According to HKLaw.com, “The incoming Trump Administration’s deregulatory approach, history of advancing pro-AV policies in its first term and Elon Musk’s prominent role in the campaign have generated a widespread belief that the next four years will be transformational for the development and deployment of emerging technologies, such as AVs.”

In short, there’s plenty to get excited about with Tesla moving forward.