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Tesla Stocks have risen since the US election as investors bet that a Trump presidency would benefit the automaker led by ally Elon Musk. Tesla shares are up nearly 30% since Tuesday, including a surge Friday morning that pushed the company’s market value past $1 trillion.
The stock’s rise is largely tied to Musk, who launched a multimillion-dollar effort to re-elect Donald Trump, which included using X, the social media platform formally known as Twitter, which he owns. Musk, who also owns private companies such as SpaceX, The Boring Company and Neuralink, has publicly supported Trump despite the president-elect’s anti-electric vehicle stance and climate change skepticism.
Tesla first reached the trillion-dollar valuation club three years ago. Shares reached a high of $407 per share in November 2021, but fell more than 70% over the following year. The stock, which had been volatile, began to recover in the spring of 2023.
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