Trump’s effect: Tesla hits $1 trillion market valuation
Tesla's stock increased rallied strongly at the last trading session of the week, bringing the company's market valuation to over $1 trillion.
Tesla’s stock surged strongly, bringing the company’s market valuation to over $1 trillion.
The company’s stock has increased by almost 27% this week following Donald Trump’s victory in the U.S. presidential election amid high interest that Tesla will gain from the previous leader’s return to the White House.
Elon Musk, the CEO of Tesla, has contributed at least $130 million to a pro-Trump campaign, making him a crucial supporter of Trump during his campaign.
Tesla’s market value was $807 billion at the close of business on Tuesday.
The carmaker’s stock was up roughly 1% for the year before this week’s rise. To date, Tesla’s stock has increased by almost 27%.
Tesla joins an expanding group of tech companies that are now valued at more than $1 trillion, along with Nvidia, Apple, Microsoft, Alphabet, Amazon, and Meta (all but Meta are worth more than $2 trillion),
Tesla’s market valuation surpassed $1 trillion for the first time in October 2021. Tesla has been developing and promising autonomous car technology for over a decade. Alphabet-owned Waymo, its main rival in the US, has overtaken it and is currently running for-profit robotaxi services in key cities.
Musk stated during the third-quarter call that he would create a “federal approval process for autonomous vehicles” using his influence with a Trump-Vance administration.
The CEO believes that once Tesla offers more than partially automated driving technologies, it will have to overcome the regulatory obstacle of state-level approvals, which are currently the norm.
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