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Tesla returns with vigour: Musk lifts stock to best level since 2021
Monday's explosive rise of over 15 per cent in Tesla marked the company's most successful trading day since March 2021. The impressive price increase followed after Elon Musk, Tesla's CEO, received a green light from Beijing regarding self-driving cars in China during his recent visit to the country, according to several media sources.
According to Adam Jones, an automotive analyst at Morgan Stanley, it is mainly Musk's commitment that is the decisive factor behind the positive developments. "The message is clear, he's back," Jones notes in a report reported by CNBC. He points out that a significant concern surrounding Elon Musk's full involvement in Tesla has weighed on the stock since the rejection of his multibillion-dollar pay claim.
Tesla's recent single-day surge also surpassed the previous record set in 2013, when the stock soared by over 24 per cent. With Musk in the driver's seat, Tesla once again appears to be on track to reach new heights in the stock market.