Tesla’s Market Cap Reaches $1 Trillion as Musk’s Wealth Surpasses $300 Billion Following Trump’s Victory
Shares of Tesla Motors surged by 9% to close the trading week, propelling the company’s value to $1 trillion for the first time since April 2022.
The electric vehicle maker’s stock hit $325 on the Nasdaq Composite Index during the trading session on Nov. 8. Prior to Election Day, Tesla’s market cap was around $807 billion, with shares up only 1% for the year.
Tesla has now re-entered the trillion-dollar club alongside companies like Amazon, Alphabet, Apple, Meta, Microsoft, and Nvidia. It initially crossed the $1 trillion mark in October 2021.
Following the stock’s substantial gains, Elon Musk’s net worth reached $300 billion for the first time in over two years.
This week, Tesla’s stock rose by 33%, adding roughly $200 billion in value as investors celebrated President-elect Donald Trump’s return to the White House. Traders are optimistic about the automaker’s future given Musk’s significant support for Trump during the 2024 campaign.
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Musk’s pro-Trump America PAC received around $118 million from the billionaire.
Musk joined the president-elect at various rallies in the final days of the election, toured Pennsylvania, a key battleground state, and was present at Trump’s Mar-a-Lago estate on election night.
Trump has expressed mixed opinions on electric vehicles.
“I’m supportive of electric cars. It’s necessary because Elon endorsed me very strongly,” Trump told supporters at a rally in Atlanta in August.
Later, Trump suggested he might consider discontinuing a $7,500 tax credit for EV purchases.
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