After the recent US elections, Tesla’s market value skyrocketed once more, hitting the $1 trillion milestone. This growth marks a major recovery for the electric car manufacturer, which has seen significant fluctuations in its stock price over recent years.
Investor confidence surged partly due to Elon Musk’s support for Donald Trump’s political campaign. Musk, an advocate for Trump, has also been a key figure in promoting Tesla despite the former president’s skepticism toward electric vehicles and climate change issues. Musk’s involvement with other ventures, such as SpaceX, Neuralink, and The Boring Company, amplifies his influence on the market.
Tesla first reached a $1 trillion valuation three years ago, but its stock plummeted over 70% due to various market conditions. However, a resurgence began in spring 2023, with the company’s stock price rising nearly 30% in the week following the US election results. The recent rally underscores the strong influence Musk has over investors, using platforms like X (formerly Twitter) to engage his audience and push his business agenda.
Tesla’s growth continues to demonstrate the company’s resilience in a competitive market. The renewed interest in its stock reflects a broader trend of optimism around its future prospects, aided by Musk’s ever-expanding influence and his ability to steer public attention toward his projects.
