Elon Musk commented on Thursday on Tesla’s stock surge in the past month, criticizing those who “thought Tesla stock would collapse” with the EV tax credit expiring on September 30.
The expiration of the purchase and lease incentive has raised concerns about demand for all EV makers in the fourth quarter, traditionally the strongest sales period for the auto industry.
The chief executive wrote on X that “a lot of people thought Tesla stock would collapse as the tax credits came to an end this month. Guess not.”
The company’s shares have rallied sharply by over 28% in the past 30 days, with third quarter vehicle deliveries expected to grow year on year, partially due to the sales push amid the end of $7,500 EV tax credit.
After hitting its all-time high of $488.54 in December 2024, the stock dropped sharply over the following months, hitting its 2025 low in April at $214.25 — a 56% decline from the peak.
Over the past 12 months, the stock has risen 74.2% and, as of Wednesday’s close at $442.79, it is just 10% below its highest value to date.
Last week, Elon Musk has purchased Tesla stock for the first time in five years.
The chief executive acquired over 2.5 million shares, with the total transaction valued at about $1 billion — the biggest ever share buy on open market across all public companies.
Musk has been reaffirming his commitment to the company, stating in an X reply that “Daddy is very much home.”
The CEO’s involvement with US and European politics earlier this year was one of the reasons for increased pressure on Tesla‘s stock earlier this year.
Tesla‘s board chair Robyn Denholm said earlier this month that Musk has returned to being “front and center at the company,” delivering “against really ambitious goals.”
The EV maker is seeking shareholder approval — on the upcoming Annual Shareholder Meeting in November — for a new pay package for Musk, linking the potential payout to unprecedented growth targets such as a market capitalization of nearly $7.5 trillion.
Other targets include large-scale deployment of next-generation products, including 1 million Robotaxis in operation and 1 million humanoid AI Bots delivered over a period of at least seven and a half years.
On Thursday, Elon Musk also wrote on X that Version 14 of the Full Self Driving (FSD) will be rolled out “next week,” after hinting earlier this month that it was scheduled to be deployed “by the end of the year.”
The CEO had written on X in August that there was a list of upcoming main events across his companies, where it was included that the V14 would be released “next month.”
Earlier this week, Tesla shares reached a new nine-month high at $444.98 on Monday after Piper Sandler increased its price target by 25% to $500.
