Tesla Stocks jumped to an all-time high on Wednesday, surpassing their previous record set in 2021, fueled by a post-election rally and increasing Wall Street enthusiasm for Elon Musk’s electric vehicle company.

The stock rose to an intraday high of $420.40, about $6 above its previous high, and was on track to hit its peak of $409.97 on November 4, 2021 close.

Tesla’s market value is up about 69% this year, with almost all of those gains coming since Donald Trump’s election victory early last month. The stock’s 38% rally in November marked its best monthly performance since January 2023 and its 10th best on record.

According to Federal Election Commission filings, Musk invested $277 million in a pro-Trump campaign and turned his support for the Republican candidate into another full-time job before the election, funding a swing-state voter registration operation and his Used support The social media platform X constantly promotes his preferred candidate, often with misinformation.

The world’s richest person, whose net worth has grown to more than $370 billion according to Forbes, will head the Trump administration’s Department of Government Efficiency alongside former Republican presidential candidate Vivek Ramaswamy.

His new role could give Musk power over federal agencies’ budgets and staffing levels and the ability to push for the elimination of inconvenient regulations. Musk said during a Tesla earnings call in October that he planned to use his influence with Trump to establish a “federal approval process for autonomous vehicles.” Approvals are currently taking place at the state level.

“The stock is reacting to the Trump boom,” Roth MKM analyst Craig Irwin told CNBC’s “Squawk on the Street” last week. Irwin had just raised his price target from $85 to $380, writing in a report that “Musk’s authentic support for Trump likely doubled Tesla’s enthusiast base and increased credibility for a demand turnaround.”

On Wednesday, analysts at Goldman Sachs raised their price target on Tesla, joining a number of companies that have raised their price expectations or ratings for the stock. The Goldman analysts wrote that “the market is taking a more forward-looking approach to Tesla, including with respect to its AI opportunities.”

Analysts at Morgan Stanley and Bank of America have also issued bullish reports recently.

Since Trump’s victory, Musk has accompanied the president-elect in meetings with world leaders and advised him and members of Congress on which federal agencies, regulations and budget items the billionaire would like to eliminate or significantly reduce.

Tesla’s rise to a record high marks a dramatic turnaround from its performance earlier in the year. The company’s shares plunged 29% in the first three months of 2024, the worst quarter for the stock since the end of 2022 and the third worst since Tesla’s IPO in 2010. At the time, investors were worried about Tesla’s core business, such as It reported a decline in sales in the first quarter, partly due to increasing competition from China.

In its third-quarter earnings report in October, Tesla reported an 8% year-over-year increase in revenue, which fell just short of estimates. However, the company reported better-than-expected profit, and Musk said in the earnings release that his “best estimate” is that “vehicle growth” will reach 20% to 30% next year, driven by “lower-cost vehicles” in volume of autonomy.” This forecast exceeded analysts’ forecasts.