Tesla (NASDAQ: TSLA) is turning into one of the biggest gainers this quarter in a reversal of fortune from last spring, when Minnesota Governor Tim Walz mocked the company’s stock decline.

On March 19, Walz gave a speech digging at the carmaker’s shares, claiming he was amused as TSLA shares teetered on the $220 support level.

“I added Tesla…to give me a little boost during the day: $225 and dropping. You can take dental floss and pull the Tesla thing off,” Walz said. 

Now, on December 17, nearly nine months after the politician’s comments, Tesla stock is changing hands at $487.51, just one day after hitting an all-time high of $488.

TSLA stock is up 100% since Tim Walz comments 

In other words, Tesla shares are up 100% since Tim Walz celebrated its drop on March 19 to the amusement of shareholders who’ve stuck with the company.

Of course, Walz’s actions drew a lot of criticism immediately following his public appearance, given that the Minnesota State Board of Investment, representing his constituents, held 1.6 million Tesla shares in the state’s pension fund in mid-2024.

Walz later addressed his own remarks, claiming to have joked about Elon Musk’s involvement with the now-dissolved Department of Government Efficiency (DOGE). 

Tesla stock continues to grow

Tesla’s explosive growth over the past few months has culminated in a rapid rally supported by advancements in driverless vehicle technology seen in Austin, Texas, this week. 

The progress is seemingly momentous enough to offset, in part, some of the challenges the company is facing, including declining foreign sales.

Coming nearly six months after initial pilot programs with safety drivers, these trials are seen as a key step toward Tesla’s long-term goal of converting its EVs into Robotaxis via software updates. 

CEO Elon Musk’s confidence in the project has inspired a lot of optimism among investors, with the $500 Tesla stock price target in scope within weeks, according to some analyses.

Featured image via Shutterstock