Tesla, the electric vehicle giant led by Elon Musk, has once again hit a major milestone, reaching a market value of $1 trillion this past Friday (November 8), according to Bloomberg. The surge follows a recent boost in stock prices after Donald Trump’s election win, which appears to have sparked a rally in Tesla shares.
The stock closed the day with an 8.18% increase, trading at $321.22 per share. At its peak during the session, shares rose by as much as 11%, briefly reaching $328.71.
This performance places Tesla back among the top 10 companies in the S&P 500 index, which tracks the largest publicly traded companies in the U.S. The last time Tesla crossed the $1 trillion mark was in 2022, highlighting the company’s return to strong market performance.
Trump’s victory boosted the result.
Elon Musk, the owner of Tesla, has openly supported Donald Trump, the president-elect for 2024. Following Trump’s election victory, Tesla shares experienced a significant surge, jumping by 30%.
According to Forbes, Musk’s wealth saw a substantial increase during this period. The rise in Tesla’s stock value added over $42 billion to his net worth, highlighting the strong market reaction to the political outcome and investor optimism surrounding Musk’s support for Trump.
See the list of 10 companies worth US$1 trillion
- Nvidia (NVDC34): $3.607 trillion
- Apple (AAPL34): US$3.4386 trillion
- Microsoft (MSFT34): $3.146 trillion;
- Alphabet (GOGL34): $2.190 trillion;
- Amazon (AMZO34): $2.190 trillion;
- Saudi Aramco: US$1.804 trillion;
- Target (M1TA34): US$ 1.485 tri;
- TSMC (TSMC34): $1.047 trillion;
- Tesla (TSLA34): $1.051 trillion;
- Berkshire Hathaway (BERK34): $1.024 trillion.
