Amid Donald Trump’s victory in the U.S. presidential election, Tesla shares surged by over 7% to $319 per share during trading on November 8, 2024, according to Forbes. This milestone pushed the company’s market capitalisation beyond $1 trillion for the first time since April 2022.
As of 7:29 p.m., Tesla shares were up nearly 7%, trading at around $317 per share. CNBC highlighted that Tesla’s stock has seen an impressive 27% increase this week, spurred by Trump’s election victory.
Elon Musk’s Support and Potential Benefits
Tesla CEO Elon Musk was a notable supporter of Trump and is regarded as a “major beneficiary” of Trump’s return to the White House, as reported by Bloomberg. Dan Ives, an analyst at Wedbush Securities, suggested that a Trump administration could mean a rollback of regulations that would benefit Tesla and similar companies.
Trump’s Praise and Planned Role for Musk
In addition, Trump planned to appoint Musk as the head of the Commission on Government Efficiency to assist in cutting “trillions of dollars in wasteful spending.” Trump has publicly praised Musk and the accomplishments of his companies.
Historic Market Capitalization
Tesla’s market capitalization first crossed the $1 trillion threshold back in 2021.