Since the recent U.S. election, Tesla’s stock has seen a significant increase. Investors believe that a presidency under Donald Trump will have a positive impact on Tesla, which is run by Elon Musk, a close ally of Trump. Since the election, Tesla’s shares have gone up nearly 30%, including a surge just on Friday morning that pushed the company’s overall value—its market capitalization—beyond $1 trillion.
The rise in Tesla’s share price is largely linked to Musk himself. He has invested a lot of money into efforts to help re-elect Trump, which includes using X, the social media platform formerly known as Twitter, that he owns. Musk has been a public supporter of Trump, even though Trump’s views on electric vehicles (EVs) and climate change have been critical.
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Tesla achieved a market valuation of $1 trillion for the first time three years ago. In November 2021, its stock price peaked at $407 per share, but then fell sharply in the following year, dropping by more than 70%. The stock has been known for its ups and downs but started to show signs of recovery in the spring of 2023.
