Shares of Tesla Inc. TSLA pulled an early U-turn to trade higher early Thursday toward a fresh three-month high, to buck the selloff in the broader stock market. The electric vehicle maker’s stock was up 0.4% in morning trading, reversing a decline of as much as 2.8%, a day after closing at the highest price ($214.24) since Nov. 3. Meanwhile, both the S&P 500 SPX and Nasdaq Composite COMP shed 1.1%. The electric vehicle maker’s stock was by far the S&P 500’s best performer in 2023, as it has soared 74.7% year to date, while the second-best performer, Warner Bros. Discovery Inc.’s stock WBD, has rallied 61.4%. In comparison, the S&P 500 is up 6.8% this year while the Nasdaq Composite is up 14.1%. Tesla’s recent stock surge has put Chief Executive Elon Musk in range of taking back the title of world’s richest person. According to the Bloomberg Billionaires Index, Musk was worth $191 billion, to place him second, just behind LVMH Moet Hennessy LVMUYIT:LVMH founder Bernard Arnault at $192 billion.
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