Tesla Inc.’s market value surged on Nov. 8, surpassing the $1 trillion mark on expectations that Elon Musk’s companies will receive favorable treatment from the next president, Donald Trump, after Musk provided key support to him during his campaign.
Tesla’s shares surged 8.2% to $321.22 that day, pushing the company’s market value above the trillion-dollar mark for the first time in more than two years. Last week, Tesla’s stock price rose 29%, adding more than $230 billion to its market value, its best performance since January 2023.
“Tesla and its CEO Elon Musk are likely the biggest winners from the election,” said Garrett Nelson, senior equity analyst at CFRA Research. “We believe Trump’s victory will help speed regulatory approval of the company’s self-driving technology.”