Thursday 21 Nov
Elon Musk's electric vehicle company, Tesla, reclaimed its $1 trillion market valuation on Friday for the first time since 2022.
Tesla's stock surged over 8% on Friday alone, closing at $321.22. Since Election Day on Tuesday, the stock has risen by more than 25%. This surge has propelled Musk, the world's richest person, to a net worth exceeding $300 billion, according to Forbes. His wealth is primarily tied to his Tesla shares.
Like other electric vehicle
manufacturers, Tesla is currently facing a decline in demand. Trump's policies,
aimed at increasing oil and natural gas production, could potentially create
further challenges for the electric vehicle industry. However, analyst Dan Ives
of Wedbush Securities believes that Tesla will be an exception.
Trump has expressed interest in appointing Musk, who lacks government experience, to a role focused on reducing government spending in the new administration.
