Tesla back on top: Company's capitalisation reaches $1 trillion after US election

Tesla shares rose sharply after the US election, allowing the company to once again reach a market capitalisation of $1 trillion.

Here's What We Know

Investors were betting that a Donald Trump presidency, backed by Elon Musk, would benefit the carmaker. Musk has been a strong supporter of Trump despite his scepticism about electric cars and climate change.

Tesla first reached the trillion-dollar milestone three years ago, but the stock then plunged more than 70 per cent. The recovery began in the spring of 2023, and now the stock is back on the upswing, hitting nearly 30% gains since the start of the week. Musk, who also owns SpaceX, The Boring Company and Neuralink, used his social network X (formerly Twitter) to support Trump. This surge in shares emphasises Musk's influence in the market and his ability to draw investor attention to his projects.

Source: Tech Crunch