(NASDAQ: TSLA) stock saw significant gains Friday thanks to multiple catalysts. The company's share price closed out the daily session up 3.1% and had been up as much as 6.3% earlier in trading. The gains took place in conjunction with a 1% gain for the S 500 index and a 1.5% gain for the Nasdaq Composite index.
Tesla's valuation climbed today alongside reports that CEO Elon Musk could be involved in a deal to purchase TikTok from ByteDance -- its Chinese parent company. The electric vehicle (EV) leader's stock also appears to be getting a boost related to the inauguration of President-elect Trump this coming Monday.
Due to data-security concerns and other issues connected to relations with China, U.S. regulators are moving to stop TikTok's operations within the country unless ByteDance cuts its connections to the social-media platform. Speculation is emerging about who might end up purchasing the leading short-form video service, and Elon Musk has reportedly emerged as a leading candidate.
Source Fool.com