Tesla’s market capitalization surpassed $1 trillion on Friday, marking the first time since early 2022 that the electric vehicle giant has reached this milestone. The surge comes as Tesla experiences a massive stock rally following Donald Trump’s re-election, with support from Tesla CEO Elon Musk.
Key Highlights
Tesla shares soared over 10% during afternoon trading, closing with an 8% gain at $321 per share. This capped off a three-day rally totaling a remarkable 28%, driving broader stock market gains in the wake of Trump’s victory. The company’s valuation has nearly doubled in the past six months, according to YCharts, with this latest boost pushing its market cap past $1 trillion for the first time since April 2022.
Elon Musk’s Wealth Skyrockets
Musk’s net worth climbed past $300 billion on Friday, the first time in over two years. The Tesla CEO gained approximately $13 billion during the stock rally, solidifying his position as the world’s richest person—$70 billion ahead of Oracle chairman Larry Ellison. Musk, Tesla’s largest shareholder, owns a 13% stake valued at around $130 billion.
Background and Context
Tesla shares remain 25% below their peak of $415, achieved in late 2021, when Musk’s wealth peaked at $320 billion. Musk has been an active supporter of Trump’s campaign, donating $130 million and making regular appearances alongside Trump on the campaign trail. Reports suggest Musk and Trump are exploring a potential role for Musk in the administration, with Trump hinting at a possible “secretary of cost-cutting” position.
What’s Driving Tesla’s Rally?
The broader stock market has seen significant gains this week, with the S&P 500 on track for its best week of the year. Ford and General Motors have also risen by 7% and 8%, respectively. For Tesla, the rally is partly fueled by analyst optimism. Wedbush analyst Dan Ives highlighted several potential benefits of Trump’s presidency for Tesla, including:
- The elimination of federal tax credits for electric vehicles, which could disadvantage smaller competitors.
- Trump-backed tariffs on Chinese imports, potentially sidelining cheaper Chinese EV brands.
- A “fast track” for regulatory approval of Tesla’s self-driving vehicle initiatives.
With these factors in play, Tesla continues to solidify its position as a dominant force in the EV market while benefiting from the changing political and economic landscape.
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