Tesla is part of the trillion-dollar club again

Date:

Share post:


Tesla shares have popped since the U.S. election as investors bet that a Trump presidency will benefit the automaker led by ally Elon Musk. Tesla’s shares have rallied nearly 30% since Tuesday, including an increase Friday morning that pushed the company’s market cap past the $1 trillion mark.

The share spike is largely related to Musk, who launched a multi-million dollar effort to re-elect Donald Trump that included using X, the social media platform formally known as Twitter that he owns. Musk, who also owns privately held companies like SpaceX, The Boring Company, and Neuralink, has publicly supported Trump in spite of president-elect’s anti-EV stance and climate change skepticism.

Tesla first reached the trillion-dollar valuation club three years ago. Shares hit a high of $407 a share November 2021, but fell more than 70% over the next year. The stock, which has been volatile, began to recover in spring 2023.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Monarch Tractor lays off 10% in restructuring towards software and licensing AV tech

Monarch Tractor has laid off around 10% of its workforce as part of a restructuring that will...

Supersonic aircraft startup Exosonic is shutting down

Exosonic, a startup developing supersonic commercial air travel and UAV tech, is winding down after five years...

Trump included Elon Musk on call with Zelenskyy

President-elect Donald Trump looped in Elon Musk on his phone call with Ukraine’s President Volodymyr Zelenskyy on...

FBI says hackers are sending fraudulent police data requests to tech giants to steal people’s private information

The FBI is warning that hackers are obtaining private user information — including emails and phone numbers...

Led by a founder who sold a video startup to Apple, Panjaya uses deepfake techniques to bite into video dubbing

There’s a big opportunity for generative AI in the world of translation, and a startup called Panjaya...

Block scales back TIDAL investment and shutters TBD in favor of Bitcoin mining

Jack Dorsey’s Block is scaling back its investment in TIDAL, the music streaming platform once owned by...

Crypto CEO kidnapped in Toronto, released after paying $1M ransom

The CEO of Canadian cryptocurrency firm WonderFi was kidnapped and held for ransom on Wednesday, according to...

Amazon may up its investment in Anthropic — on one condition

Amazon is considering increasing its investment in OpenAI rival Anthropic. According to The Information, Amazon is in talks...