Shares in Tesla (TSLA) stock are booming on Monday following Elon Musk’s purchase of approximately $1 million in shares. He added 2.57 million shares on Friday for about $1 billion, according to a Securities and Exchange Commission filing. The purchase shows his everlasting confidence in Tesla, with those stock purchases coming after Tesla stock soared by 25% in the past month.

The stock is up over 5% on Monday, with his stock buy marking Musk’s first open-market acquisition since 2020. After a slow start to 2025, TSLA is finally trading in the green, up 3% YTD. Investor excitement is building around the stock as the EV giant prepares to launch fully self-driving technology with a robotaxi fleet. It has already seen success in Texas and California, and is set to challenge Waymo in more states over the coming months.

What Else Could Fuel Tesla (TSLA) Stock Rally

Furthermore, an Optimus robot launch may be further in the future, but optimism around Tesla is already anticipating the launch. “Optimus is going to be the greatest product in the history of humanity,” Musk said earlier this month on the “All-In” podcast. Back in April, Morgan Stanley analysts noted that Tesla’s leadership in the electric vehicle and AI humanoid robot sectors will drive the growth of rare earth demand. It is expected that by 2050, humanoid robots will increase the demand for critical minerals by approximately $800 billion.

Fast forwarding to the present day, Morgan Stanley analyst Adam Jonas recently reiterated his Overweight recommendation on Tesla (TSLA) and price target of $410 per share, based on how much of the global labor market could be replaced by humanoid robots.”We estimate converting just 1% of the US labor force to humanoid is worth approximately $320bn or $100 per Tesla share,” Jonas wrote last week.

At $417, TSLA is currently trading near the top of its 52-week range and above its 200-day simple moving average. Wall Street has 27 Buy ratings on Tesla stock, 19 Hold, and five Sell.