Official announcements from the U.S. government or major news outlets

Tesla Surges Nearly 15%, Market Cap Hits $1 Trillion, Musk's Net Worth Tops $300 Billion After Trump Win

Nov 8, 2024, 03:15 PM

Tesla shares surged nearly 15% following Donald Trump's victory over Kamala Harris in the U.S. presidential election, pushing the electric vehicle maker's stock above $300 for the first time since 2022 and its market capitalization over $1 trillion. The stock rallied as investors anticipated favorable policies under the new administration, with Tesla up 80% in the past six months. Elon Musk's net worth increased by $26.5 billion, surpassing $300 billion, according to Forbes data, as Tesla's stock price climbed. Bank of America raised its price target for Tesla to $350 from $265 and maintained a "Buy" rating, citing potential regulatory benefits under Trump's presidency. Musk, who reportedly invested $130 million in Trump's campaign, is expected to have greater influence in shaping policies beneficial to his companies.