Tesla ( NASDAQ:TSLA) is up 103% in the past year, and the vast majority of those gains — about 70% — have been since Trump won the 2024 election. Investors now see Elon Musk as a heavyweight in policy decisions and many now even call him the co-president. TSLA stock now trades at $424 with a $1.33 trillion valuation.

Tesla shares TSLA ended the day down 0.6%, after falling as much as 4% intraday, tracking losses in the broader EV space, while shares of Rivian Automotive Inc. RIVN were down 6%, Nikola Corp. NKLA fell 9% and Lucid Group Inc. LCID lost 7%.

Piper Sandler analyst Alexander Potter on Monday raised his price target on Tesla stock to $500 from $315, citing his belief that Tesla will shift away from launching new EVs and instead focus on "popularizing" its autonomous driving software called Full Self-Driving (FSD).