What's Driving Tesla Stock Higher In Friday's Premarket

Tesla, Inc. TSLA shares, which rallied sharply going into the close on Thursday, may carry the momentum forward into Friday's session.

In premarket trading, the stock rose 1.54% to $174.73, according to Benzinga Pro data.

The gain comes on the back of a positive reaction to Elon Musk, who said he has hired a new CEO for Twitter, which he bought in Oct. 2022. The new CEO would start in about six weeks, he said.

"My role will transition to being exec chair & CTO, overseeing product, software & sysops," he said.

The Wall Street Journal reported that Musk is in talks with Linda Yaccarino, head of advertising at NBCUniversal, a Comcast Corp. CMCSA company.

The EV giant also increased prices on certain models in the U.S. for the second time this month.

Commenting on the development, Tesla bull Daniel Ives from Wedbush commented that the planned transition came earlier than expected. He sees this as a positive development, as it frees up the billionaire's time to focus more on Tesla and SpaceX.

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Future Fund's Gary Black sees a near-term rally in Tesla stock, especially over the next few sessions. Going into Tuesday's annual shareholder meeting, the fund manager expects more announcements from Musk that could please Tesla investors. He also expects strength from the company stalling its price cuts.

See Also: Everything You Need To Know About Tesla Stock