Tesla's market cap exceeds $1 trillion as stock surges on Musk's Trump support

benzinga.com — November 9, 2024 at 03:01 AM UTC

Tesla's market capitalization surpassed $1 trillion on Friday, driven by a surge in stock prices following Elon Musk's support for President-elect Donald Trump. Musk's fortune also increased, exceeding $300 billion. Analysts noted that Tesla's stock rose nearly 29% this week, with Wedbush's Dan Ives calling Musk's political move a significant strategy. Gene Munster highlighted Tesla's strong delivery growth and potential in autonomous technology as key factors for future stock performance. Tesla shares closed up 8.19% at $321.22, with further gains in after-hours trading. The company reported third-quarter revenue of $25.18 billion, slightly below expectations.

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