From Investing.com: 2024-11-08 16:36:11

Tesla’s market value hit $1 trillion in a rally fueled by expectations of favorable treatment from President-elect Trump. Shares surged 8.2% to $321.22, pushing the company’s valuation above $1 trillion for the first time in over two years. The stock gained 29% this week, adding over $230 billion in market cap.

Analysts believe Tesla and Elon Musk will benefit the most from the election results. Trump’s victory could expedite regulatory approval for Tesla’s autonomous driving technology. Musk’s focus on self-driving vehicles may see a boost with potential federal autonomous vehicle rules, which could streamline regulations and benefit the auto industry as a whole.

Musk’s wealth surpassed $300 billion, according to Forbes. Tesla’s shares soared after reporting increased profit margins and predicting 20% to 30% growth in deliveries next year. The company has been the world’s most valuable automaker, with Toyota, BYD, and others lagging far behind. Tesla’s shares trade at a premium compared to other companies like Nvidia, Microsoft, and Ford.



Read more at Investing.com: Tesla hits $1 trillion market value as Musk-backed Trump win fans optimism By Reuters