Tesla hits $1 trillion market value; Shares jump 8.2%

Elon Musk's own wealth topped $300 billion, as per Forbes' real-time billionaires list.

According to reports, the American EV brand Tesla recently exceeded $1 trillion in market value.

Shares of the EV brand jumped by 8.2% to $321.22, catapulting Tesla's valuation above the trillion-dollar mark for the first time in over 2 years. The jump in shares was reportedly thanks to expectations that Tesla will get favourable treatment under President-Elect Donald Trump, for whom Elon Musk offered extensive support during the poll campaign.

Reports also state that company stocks grew by 29% this week, adding more than $230 billion in market capitalisation. Garrett Nelson, Senior Equity Analyst at CFRA Research, stated, "Tesla and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump's victory will help expedite regulatory approval of the company's autonomous driving technology."

David Whiston, Equity Strategist at Morningstar, added, "If Musk can convince Trump to establish federal autonomous vehicle rules, we think that's a good thing for the auto industry because we think firms want one set of rules rather than each state making their own."

In addition to the company's market value, Elon Musk's own wealth topped $300 billion, as per Forbes' real-time billionaires list.

Source: Reuters