Tesla stock was up over 3% at $455.29 in early trading Friday, as investors looked to move past a volatile October and into what has historically been a stronger month for the electric-vehicle maker’s stock.
The strong gain came without any clear catalyst. There were no analyst rating changes or major corporate updates overnight, and the move appeared to reflect normal market fluctuations after Thursday’s steep drop.
Tesla stock had fallen 4.6% in the previous session amid a broader selloff in artificial intelligence-linked shares.
By the end of October, Tesla shares were down about 1% for the month, essentially flat despite significant intraday swings.
The stock traded as high as $470.75 earlier in the month—within 4% of its all-time high of $488.54, reached in December 2024—but failed to sustain those levels.
Tesla stock’s rollercoaster ride
Tesla’s October performance was defined more by volatility than by direction.
Tesla stock moved more than 5%, up or down, on four occasions during the month—double the number of such swings recorded in September, when the stock jumped 33%.
Seasonality may work in Tesla’s favour as it enters November.
Over the company’s trading history, Tesla stock has posted an average gain of about 2% in October and 12% in November.
It has advanced in 11 of the past 15 Novembers since going public, compared with just five positive Octobers during the same period.
With the shareholder vote approaching and the broader tech sector in flux, Tesla investors may be bracing for continued volatility—but history suggests that November tends to deliver stronger returns.
Focus shifts to Elon Musk’s $1 trillion pay vote
Investor attention now turns to Tesla’s annual shareholder meeting on November 6, where votes are being cast on CEO Elon Musk’s proposed $1 trillion compensation package.
The plan, contingent on achieving a series of ambitious operational and financial milestones over the next decade, has drawn both support and criticism.
Tesla chair Robyn Denholm warned in a letter to shareholders earlier this week that Musk could leave the company if the package is rejected.
Proxy advisory firms ISS and Glass Lewis have urged investors to vote against it, citing concerns over size and governance, prompting Musk to call them “corporate terrorists” during Tesla’s earnings call last week.
The California Public Employees’ Retirement System (CalPERS), one of Tesla’s largest institutional shareholders with about five million shares, told Bloomberg it plans to vote against the proposal.
CalPERS’ global equities investment director said the package is “far larger than that of other CEOs” and concentrates too much control in Musk’s hands.
Despite the opposition, many analysts expect the plan to pass comfortably.
A failed vote, they note, could unsettle shareholders and add uncertainty around Musk’s long-term leadership.
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