The stock price of Tesla continues to soar steadily, closing at $321.22 per share last night, marking an 8.19% increase. This surge brings Tesla’s market value back above $1 trillion, now standing at $1.031 trillion once again.
Having previously surpassed the $1 trillion market value mark in 2021, Tesla experienced a dip in stock price before bouncing back with a significant increase of 29% in the past week. One contributing factor to this rise is Elon Musk, the CEO and founder of Tesla, who is a prominent supporter of Donald Trump. Trump, as the former US President, provided financial backing of up to $130 million during his re-election campaign.
While Trump’s policies regarding electric vehicles remain uncertain, analysts predict a potential import tax on electric vehicles from China sold in the US, which could benefit Tesla. Musk has previously mentioned to analysts that if Trump were to win the election, he would propose the approval process for autonomous vehicle operation to be at the federal level, instead of being regulated by individual states.
Currently, major technology companies with market values exceeding $1 trillion include NVIDIA, Apple, Microsoft, Alphabet (Google), Amazon, and Meta.
TLDR: Tesla’s stock price and market value have surged, influenced in part by Elon Musk’s support for Donald Trump and potential favorable policies under a Trump administration. Other tech giants like NVIDIA, Apple, Microsoft, Alphabet, Amazon, and Meta also boast market values exceeding $1 trillion.
Source: CNBC
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