Tesla shares closed at a record-high $489.88 on Tuesday, days after CEO Elon Musk announced the company had been testing driverless vehicles in Texas.

Tesla CEO Elon Musk said in a social media post that his company is testing driverless cars in Austin without a safety driver in the vehicle.

Wall Street's bullishness on Tesla has returned after the stock had its worst performance since 2022 in the first quarter of the year.