Tesla’s stock surged past the $1 trillion mark on Friday, regaining a level it last saw in 2022.
This impressive rally followed the victory of Elon Musk’s ally, Donald Trump, in the U.S. presidential race, with Tesla shares rising 24% in just a few days.
By the close of trading, Tesla’s stock had gained 8%, pushing its market value above $1 trillion for the first time in over a year.
Musk’s wealth also saw a significant boost, reaching $300 billion for the first time in over two years.
As Tesla’s largest shareholder, Musk’s net worth increased by about $13 billion during the stock rally.
His fortune is now $70 billion greater than that of Larry Ellison, the second-richest person.
The rise in Tesla’s stock reflects broader gains in the stock market, with other U.S. carmakers like Ford and General Motors also seeing gains.
Analysts point to the potential benefits of a Trump presidency, such as the removal of EV tax credits, tariffs on Chinese imports, and possible fast-tracking of regulatory approvals for Tesla’s self-driving initiatives, all of which could further strengthen Tesla’s position in the electric vehicle market.
