Tesla reaches $1 trillion market value after Trump election win
A Cybertruck is displayed at a Tesla dealership in Manhattan on October 31, 2024. (AFP Photo)
Tesla, the American electric vehicle manufacturer led by CEO Elon Musk, has reached a significant milestone, with its market value surpassing $1 trillion. The company’s stock surged by over 6%, closing at $317.60 per share by 7:30 p.m. Turkey time on Monday, placing Tesla among the world’s most valuable companies. It is now ranked as the ninth most valuable firm globally.
The stock’s sharp rise comes in the wake of the recent U.S. presidential election on November 5, where Republican candidate Donald Trump secured a victory. The win appears to have had a positive impact on Tesla’s market performance, as the company’s shares have climbed more than 27% since the start of the week.
Musk, who has been a prominent supporter of Trump, reportedly contributed over $130 million to his election campaign. The post-election surge in Tesla’s stock indicates a strong investor response, potentially linked to expectations of favorable business policies under Trump’s administration.
Tesla’s achievement of a $1 trillion valuation marks a significant milestone for the company, solidifying its position in the elite club of tech giants with trillion-dollar market caps. The company now stands alongside other industry leaders such as Apple, Microsoft, and Alphabet, reflecting investor confidence in its long-term growth prospects despite ongoing economic uncertainties.
