Tesla Shares Jump 9%, Market Cap Tops $1 Trillion After Trump's Election Victory

Nov 11, 2024, 01:42 PM

Tesla's market value has surged past $1 trillion following Donald Trump's victory in the 2024 U.S. presidential election. The electric vehicle maker's shares climbed 9% on Monday, bringing the stock's five-day gain to over 46%, marking its largest five-day rally in four years. Investors are optimistic that the new administration will fast-track autonomous vehicle and AI initiatives, benefiting Tesla. Analysts like Dan Ives of Wedbush have raised their price targets on Tesla, with Ives increasing his target from $300 to $400, citing the Trump win as a 'gamechanger' for Tesla's autonomous and AI prospects. The stock's surge has added $415 billion to Tesla’s market capitalization over the last month. Elon Musk's net worth has soared past $316 billion due to the stock's rise, further solidifying his position as the world's richest person. Meanwhile, hedge funds shorting Tesla have suffered losses exceeding $5 billion in the wake of the stock's surge.