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Tesla Shares Surge 15% Following Trump Victory, Market Cap Exceeds $900 Billion

Nov 6, 2024, 02:35 PM

Tesla shares surged significantly following Donald Trump's victory in the U.S. presidential election. The electric vehicle company's stock rose by as much as 15% in premarket trading, reaching a new record high. This increase added approximately $120 billion in value to Tesla, pushing its market capitalization above $900 billion. Tesla shares jumped 13.25% to $284 and reached a 15-month high. Investors are optimistic about the potential benefits Tesla might gain under Trump's administration, with CEO Elon Musk's support for Trump during the campaign being a notable factor. Trump praised Musk's achievements with SpaceX and Starlink. The broader U.S. stock market, banks, and bitcoin also saw gains as investors reacted positively to Trump's win.