Tesla Shares Jump to Record Amid $515 Billion Rally in a Month
Tesla Inc. shares climbed to their first intraday record since November 2021, buoyed by optimism the company’s self-driving ambitions can get a boost under President-elect Donald Trump’s next administration.
Shares are now up 64% since Trump’s election win last month
Bloomberg chart-Tesla stocks
The stock jumped as much as 3.5% to $415 by 11.45 a.m. in New York on Wednesday, helped by positive analyst commentary over the past week.
The shares have now risen 64% since the US presidential election on Nov. 5, adding over $515 billion to the company’s market capitalization.
Tesla Chief Executive Officer Elon Musk was a key figure in Trump’s election campaign and has been picked to co-lead a new Department of Government Efficiency along with entrepreneur Vivek Ramaswamy.
Musk’s proximity to the president-elect, as well as the Trump team’s plan to ease US rules for self-driving vehicles, have prompted a gravity-defying surge in Tesla’s shares.
