TLDR
- Tesla stock rose 2.2% in after-hours trading following Elon Musk’s reunion with President Trump at a public event in Arizona
- Trump told Musk “I’ve missed you” and suggested they “get back on track” during their first meeting since their fallout earlier this year
- Tesla shares are approaching record highs near $489, up 79% over the past 12 months and 6% year-to-date
- Chinese competitor BYD plunged 3.6% after Warren Buffett’s Berkshire Hathaway completely exited its 17-year position in the company
- Technical analysts warn Tesla stock appears overbought after a 23% rally over nine trading sessions
Tesla shares climbed 2.2% in after-hours trading Sunday following an unexpected public reunion between CEO Elon Musk and President Donald Trump. The meeting occurred at Charlie Kirk’s funeral in Glendale, Arizona, marking their first public encounter since a political fallout earlier this year.
The two men met inside Trump’s private box at State Farm Arena. Over 60,000 people attended the conservative commentator’s funeral service.
Video footage captured the moment when Musk approached Trump for a handshake. UFC president Dana White stood nearby as the exchange unfolded.
BREAKING: Elon Musk and President Trump are seen sitting together at Charlie Kirk's funeral. pic.twitter.com/NCfKvQcqgd
— The Kobeissi Letter (@KobeissiLetter) September 21, 2025
Professional lip reader Nicola Hickling analyzed the clip. She reported Trump asking “How are you doing?” followed by “So Elon, I’ve heard you wanted to chat.”
Trump then said “Let’s try and work out how to get back on track.” The conversation ended with Trump telling Musk “I’ve missed you.”
This meeting comes months after Musk stepped down from his role heading the Department of Government Efficiency. In June 2025, he quit the government position and criticized Trump’s policies on social media.
The public nature of their reunion wasn’t lost on traders. Many connected Tesla’s stock rally directly to this political moment.
Stock Performance Nears Record Territory
Tesla stock has been on a strong run recently. Shares gained 23% over the past nine trading sessions, rising eight times and falling just once during that period.
The electric vehicle maker’s stock is now approaching its record high of approximately $489. Coming into Monday’s trading, Tesla shares were up 6% for the year and 79% over the past 12 months.
Several factors have contributed to the recent rally. Musk’s recent $1 billion stock purchase helped boost investor confidence.
Tesla also appears ready to expand its self-driving taxi service. The company launched its robo-taxi service in Austin, Texas in June and may soon add Nevada and Arizona.
The Federal Reserve’s recent 0.25 percentage point rate cut also supported the stock. Car purchases are sensitive to interest rates since many buyers finance their vehicles.
Technical Warning Signs Emerge
Despite the strong performance, some analysts see warning signs. Katie Stockton from Fairlead Strategies notes that shares appear overbought after their rapid rise.
“The next and final resistance is at the high, about $489,” Stockton said. She focuses on technical analysis rather than fundamental company analysis.
Tesla’s volatility makes technical analysis particularly relevant. Shares have ranged from $212 to $489 this year, a $277 spread representing about 80% of the average price.
For comparison, Apple’s price range represents closer to 40% of its average price. This shows Tesla’s much higher volatility compared to other major stocks.
Meanwhile, Tesla’s Chinese competitor BYD faced selling pressure. BYD stock fell 3.6% in its sharpest decline in three weeks.
The drop followed news that Warren Buffett’s Berkshire Hathaway completely exited its BYD position. Berkshire Hathaway Energy listed BYD’s value at zero as of March 31.
Buffett first invested in BYD in September 2008, purchasing 225 million shares. The investment generated returns of more than 4,500% between 2008 and March 2025.
BYD has lost nearly 30% of its value since hitting an all-time high four months ago. The company faces intense competition in China’s electric vehicle price war.
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