Troy Smith
Tesla stock prices have risen over 11% in the last five days, bringing the price to over $208 per Tesla share. Over the last month their stock has risen over 20%.
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This marks a comeback for Tesla, who shed 2/3 of their total value in 2022 alone. For reference, shares have dipped 24% in the last six months.
This latest boom in price over the last several days has resulted in Elon Musk once again retaking the top place for richest man in the world. Musk gained over $7 Billion on Monday, February 28th alone.
Musk is now worth a reported $187 Billion, even after shelling out a reported $44 Billion for Twitter.
Tesla is in talks with Mexico to build a plant in Monterey within the next few years. Government policies have been hostile towards Tesla over their refusal to use Union labor.
When President Biden held an electric vehicle summit at the White House earlier in his Presidency, he invited every major auto-manufacturer except for Tesla.
Keep in mind, President Biden has supported legislation that would pave the way for unionization of most industries in the United States. While electric vehicles produced by union labor are overpriced and underdeveloped, Tesla has pioneered the entire industry, and continues to be on the cutting edge of technological development.
It is precisely because they do not use union labor that Tesla is so successful.
Tesla already has plants in Germany and China.
Despite a recent lawsuit filed against Elon Musk and Tesla, stock prices continue to soar. The lawsuit states that Musk ‘overstated’ the capabilities of the self-driving technology present in Tesla vehicles.
Investors in Tesla are surely happy with the increases. It will be interesting to see how Tesla fairs in the fight against unionized and essentially state-sponsored auto-manufacturers in the long run.
