Why Tesla Stock Jolted Higher Today

Shares of Tesla (NASDAQ: TSLA) rose on Tuesday, bolstered by a competitor's struggles and excitement surrounding its upcoming "Battery Day" presentation. As of 11:20 a.m. EDT, Tesla stock was up more than 6%.

Reports that the Securities and Exchange Commission (SEC) is investigating rival electric-vehicle maker Nikola (NASDAQ: NKLA) for allegations of fraud are likely helping to prop up Tesla's shares. In a scathing report on Thursday, short-seller Hindenburg Research accused Nikola of lying to investors about the true state of its battery technology and vastly overstating its progress toward the development of its electric truck.

Tesla's stock rallied on Tuesday on news that a rival is being probed by the SEC. Image source: Getty Images.

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Source Fool.com