The iconic company Tesla continues to surprise the financial markets, with a spectacular surge in its stock market value of 29% in the last week. This dizzying rise propels the market value of the company to more than $230 billion, a real feat.
This meteoric rise follows an 8.2% jump in the share price, reaching $321.22, which values the company at a trillion dollars, its highest level since 2023. Interestingly, this surge comes just after Donald Trump’s victory in the US presidential elections. Expectations that Elon Musk’s companies will enjoy new privileges in the coming period have certainly played a driving role in this progression, due to Musk’s support for Trump during the election campaign and his substantial donation of no less than $119 million to the campaign.
Analysts predict that Tesla will benefit from Trump’s victory in several ways, including speeding up approval of its fully autonomous driving systems and delaying potential National Highway Traffic Safety Administration (NHTSA) actions on those systems following several crashes involving the company’s vehicles in recent years.
Musk had already shelved plans to offer a low-cost electric car priced under $30,000 to focus on developing fully autonomous driving technologies. Tesla’s sales soared in the third quarter of 2024, and its current valuation surpasses that of Toyota and BYD. Its sales are expected to increase by 20% to 30% in the coming year, confirming the company’s bullish trend.
There is no denying that Tesla, under Elon Musk, continues to push the boundaries of innovation and captivate investors and consumers alike with its bold vision for the future of mobility. This meteoric rise in the financial markets confirms Tesla’s status as a forward-thinking company and raises enthusiasm around its promising future.