Tesla hits $1tn market value after Musk-backed Trump win

11/08/2024 03:27 PM

Car company's valuation saw sharp rally on growing bets CEO would reap the benefits of his support for president-elect

Tesla's market value breached the $1tn mark in a sharp rally on Friday, on growing bets of a favorable treatment for CEO Elon Musk's companies in return for his support for president-elect Donald Trump in his poll campaign.

The electric automaker's shares rose more than 6% to a more than two-year high of $315.56, after having gained 19.3% up to Thursday's close. The company crossed the $1tn valuation for the first time in more than two years.