Tesla market value rises past $1tn following US elections

Telsa shares surge 8.2% to $321.22, taking the company's valuation beyond trillion-dollar mark
An undated image. — iStock
An undated image. — iStock

Days past the US presidential elections, the market value of Elon Musk-owned electric vehicle maker (Tesla) crossed the $1 trillion mark in a sharp rally on Friday.

Market analysts suggested that the Trump-led administration will treat Elon Musk's companies fairly, owing to Musk's extensive support during election campaigning.

Tesla shares gained 8.2% to $321.22

The Telsa shares surged 8.2% to $321.22, taking the company's valuation beyond the trillion-dollar mark for the first time in over two years.

Over the entire previous week, the stock gained 29% adding over $230 billion in market capitalisation of the company, the highest since January 2023.

"Tesla and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump's victory will help expedite regulatory approval of the company's autonomous driving technology," said Garrett Nelson, senior equity analyst at CFRA Research.

Citing sources, the Express Tribune reported that Musk could turn the regulation table in the favour of autonomous vehicles that Tesla plans and get the US National Highway Traffic Safety Administration to ease enforcement actions regarding Tesla's current driver-assistance systems' safety.