Tesla surges to trillion-dollar club once again after three-day spike
11/08/2024 10:44 AM
Tesla (NASDAQ: TSLA) has surged back up to the trillion-dollar club once again after a three-day spike following President-Elect Donald Trump’s victory on Tuesday, which has catapulted the automaker’s stock upward.
Shares have been up over 21 percent since Tuesday night when Trump won the presidential election, a move that Tesla CEO Elon Musk helped facilitate through months of campaigning and social media posts.
At its peak, Tesla shares reached over $317, equating to a $1.02 trillion market cap, the first time the company has been recognized in the elite club since March 2022. Tesla has not reached the $300 level since September 2022.
Tesla bull Dan Ives of Wedbush said on Wednesday, after Trump had locked up the presidency, that he could be the key to the company regaining a $1 trillion market cap, especially considering Musk’s relationship with the 45th and 47th president.
Ives said Trump’s win was a “dream scenario for any Tesla bull,” and that he would likely bring some advantages to the company’s regulatory processes because of their strong relationship:
"He will fast track autonomous FSD, Cybercab could get pulled forward by about a year… This is really, if you're a Tesla bull, if you wake up to this, this is exactly what you'd wanna see. And of course, Musk will clearly have a big voice in a Trump administration…I think that would be a top initiative, to fast-track FSD autonomous. There's been a lot of regulatory hurdles. And this is something that Musk has talked about in Robotaxi day. Obviously the initial sentiment was negative. This is gonna be the key. Because ultimately, I think Tesla is the most undervalued AI name in the market. And you look what's happen here. It's just gonna unlock that opportunity for Tesla and Musk.”
Tesla joins an elite company as there are only nine trillion-dollar entities out there.
Nvidia, with a market cap of over $3.6 trillion, is the most valuable company on Earth, followed by Apple, Microsoft, Google, Amazon, Saudi Aramco, Facebook, TSMC, and now Tesla.
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