After a difficult start to the year, things seem to be turning around for Tesla (NASDAQ:TSLA) stock. The electric vehicle (EV) leader has been climbing steadily all month. As MarketWatch reports, this marks the company’s longest winning streak in four months.
Through it all, Tesla hasn’t announced any company-specific catalysts. In fact, its Q1 earnings report sent shares down after its earnings per share (EPS) and revenue came in below analyst expectations.
However, in the weeks that followed, Elon Musk finally did something good for the company. Early in May, he named Linda Yaccarino as the new CEO of Twitter. Since then, TSLA stock has been rising. It’s not hard to see that Tesla investors are feeling more confident now that Musk’s focus has shifted back to his primary company.
Where Will TSLA Stock Go From Here?
This morning brought some volatility, but Tesla has been mostly trending upward. As of this writing, it is up 2% for the day. If this momentum continues, TSLA stock will close out trading today up 15% for the week and more than 33% for the month. This winning streak has helped Musk once again reclaim his status as the world’s wealthiest person.
It doesn’t take much to see that Musk turning over the reins at Twitter has been the catalyst that Tesla needed. Before he acquired the social media company, experts predicted that his new venture would sink TSLA stock. Now, both he and Yaccarino have big jobs ahead of them. While Musk needs to help Tesla make up the ground it has lost, Yaccarino is tasked with cleaning up the mess he made at Twitter.
Does this mean that Tesla’s winning streak will continue? As of now, it’s hard to say. The EV producer doesn’t have any major catalysts on the horizon, but now that its leader has taken the wheel again, it is better positioned to rise in the coming months.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
