BENGALURU: In a dramatic jump on Friday, Tesla’s market valuation ended above $1 trillion, fueled by hopes that CEO Elon Musk’s businesses will receive favorable treatment under President-elect Donald Trump for his broad campaign support.
For the first time in almost two years, the electric carmaker’s worth surpassed the trillion-dollar threshold as its shares surged 8.2% to $321.22.
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This week, the stock climbed 29%, reaching its highest market capitalization since January 2023 with a gain of over $230 billion.
Garrett Nelson, senior equity analyst at CFRA Research, said, “Tesla and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump’s victory will help expedite regulatory approval of the company’s autonomous driving technology.”
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The billionaire might influence the US National Highway Traffic Safety Administration to postpone possible enforcement actions over the safety of Tesla’s present driver-assistance technologies and advocate for favorable regulation of the company’s planned autonomous vehicles.
