A cooler-than-expected Producer Price Index (PPI) report is sending stocks higher today, but that’s probably not the only reason Tesla (TSLA 1.82%) stock crossed the $200-per-share threshold this morning. As of 10:35 a.m. ET, Tesla shares were trading near the highs of the morning, up 4.7%.
After hitting a nearly two-year low earlier this week, Tesla has bounced from about $177 to back above $200 per share today. The recent decline came as CEO Elon Musk has been busy focusing on running Twitter as a private company. It seems investors were correct in thinking Musk’s new role at Twitter could be affecting his other work. Yesterday, Musk addressed a business conference taking place along with the G20 summit in Indonesia, stating, “I have too much work on my plate that is for sure,” according to Reuters.
But that admission may have investors thinking Musk will not let his workload affect Tesla’s business. And an upcoming investor event marking the official launch of the Tesla Semi truck is further evidence Tesla’s remarkable growth continues unabated.
Martin Viecha, Tesla’s head of investor relations, confirmed the company would be holding a shareholder event on Dec. 1 when the first Tesla Semi electric truck is scheduled for delivery, according to EV industry site Electrek.
Musk previously announced the first Tesla Semi would be delivered to PepsiCo on the first day of December. But investors might be putting money back into the stock today after its recent decline partly due to the upcoming event.
By marking the occasion with a dedicated affair, it’s also possible that the widely followed company will provide a surprise announcement. That’s certainly no reason to buy a stock, but the fact that Tesla’s business continues to grow could be one reason for today’s bounce.