Tesla Inc. (NASDAQ:TSLA) stock reached the $420 mark on Wednesday, sparking reactions from social media and Elon Musk himself. This achievement comes amid a year of impressive stock performance for the electric vehicle giant.

What Happened: Musk took to X, formerly Twitter, and wrote, "As foretold in the prophecy," accompanied by a screenshot of the stock price.

Influential investor Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, also chimed in on X with a simple "420."

Gary Black, managing partner at Future Fund LLC, also shared a screenshot of the stock price graph, noting, "I see what you did there. $tsla."

This marks the first time Tesla's share price has crossed the $420 threshold since a stock split in August 2022.

Previously in 2018, Musk had teased about taking Tesla private at $420 per share. A year after Musk's infamous tweet, the stock hit a record high of $422.01.

The company remains publicly traded despite surpassing the meme-worthy milestone on more than one occasion. In 2023, a jury found Musk not liable for misleading investors with his "funding secured" tweet.

Why It Matters: Tesla's stock has surged 70.99% year-to-date. Musk, who is also the founder of SpaceX and owner of X, has been appointed co-leader of the Department of Government Efficiency by President-elect Donald Trump. DOGE aims to cut federal spending by $2 trillion.

Morgan Stanley analysts have named Tesla as their top stock pick for 2025. The stock's rise is also attributed to Tesla's innovation, according to Gene Munster of Deepwater Asset Management, who praised the EV giant's advancements in autonomy and robotics.

Tesla's strong sales performance in China has also bolstered its market position, with the Model Y leading sales in November.

Price Action: On Wednesday, Tesla shares closed the trading session with a 5.93% gain, ending at $424.77. In after-hours trading, the stock continued to climb, rising another 0.89% to reach $428.57, according to Benzinga Pro data.

Tesla stock currently holds a consensus "hold" rating from analysts, with Stifel projecting the highest price target of $411 on Dec. 2. Latest targets from Goldman Sachs, Cantor Fitzgerald, and Morgan Stanley average around $370, pointing to a potential 13.67% downside.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.