I’m pretty confident that last Thursday’s (24 October) near-22% jump in Tesla (NASDAQ: TSLA) pushed at least a few UK holders into ISA millionaire status, at least on paper.

Crushingly, I wasn’t one of them. But it made me wonder whether buying a slice of the electric car maker now would raise my chances of making it into that select group at some point.

Back with a blast!

Having endured a nasty fall in profits in Q2, Tesla bounced back to form in Q3. Earnings per share hit 72 cents, smashing expectations. Vehicle deliveries also rose 4% to almost 463,000, eclipsing the previous three-month period.

It wasn’t a complete slam dunk from the Texas-based titan. Revenue hit $25.18bn — a little lower than analysts were expecting.

But let’s not split hairs. As updates go, I doubt many investors will be banging on publicity-shy Elon Musk’s door and demanding that he pulls his socks up.

Indeed, the market lapped up this news and the share price did its thing.

More to come?

As extreme as that daily move was, it’s important to put it in perspective.

Tesla stock is still only up around 5% in 2024 as I type. It’s also far below the record high — just over $400 — seen almost three years ago. Whether it can quickly add another 60% or so from here to challenge that last number is open to debate. But if the company can beat its 2023 delivery total of 1.8m cars and successfully bring new vehicles to market (e.g., the Model Y Juniper) in 2025, I think it’s possible.

Trouble ahead

The sticking point for me is the potential volatility along the way. It’s easy to forget that the very same stock that tumbled earlier in October following the poorly received launch of the firm’s robotaxi.

There are also a host of other things to ponder, including the US election.

We’re a politically neutral lot at Fool UK. However, this doesn’t mean I can’t speculate about whether Musk’s endorsement of Donald Trump could impact how motivated Democratic voters want to buy his cars in the future. On the flip side, it’s easy to see why the latter’s plan to raise tariffs on Chinese EVs entering the US would suit Tesla.

Elsewhere, the S&P 500 is now up over 20% since January and almost 40% in 12 months. That makes some sense considering that inflation has finally calmed and rate cuts have begun. But even the most optimistic investor must be wondering if it needs to pause for breath.

Here’s what I’m doing

I’m not going to deny that Tesla stock might continue creating ISA millionaires since it has spanked industry rivals for six so far.

But I also reckon there’s a decent chance of me hitting that seven-figure target by investing as much as possible in a range of quality stocks and funds on a consistent basis and holding for the long term.

As strategies go, this isn’t as sexy or pulse-quickening. I don’t think investing should be.

For now, I’m keeping my Tesla exposure to a few funds that suit my risk profile and allow me to sleep at night.

I’d still rather watch the share price shenanigans with a bag of popcorn in my hands.