Tesla Hits $1 Trillion Market Cap--Musk Becomes $300 Billion Man After Trump Win

Source: Forbes

Topline Tesla’s market value eclipsed $1 trillion Friday for the first time since early 2022, as the electric vehicle maker led by the world’s richest man Elon Musk enjoys a massive rally after the Musk-backed Donald Trump secured a second presidential term.

Shares of Tesla jumped as much as 7.6% to $319.44 by late morning, extending its three-day rally to 24%, captaining the broader stock market gains following Trump’s election.

That pushed Tesla’s market value to over $1 trillion for the first time since April 2022, according to YCharts data, with the automaker’s valuation nearly doubling over the last six months.

Musk’s net worth topped $300 billion Friday for the first time in more than two years. The 53-year-old got about $10 billion richer Friday during the Tesla stock rally, and he’s $70 billion wealthier than the next closest competitor, Larry Ellison, Oracle chairman and Musk’s “very close friend.”

Read more: https://www.forbes.com/sites/dereksaul/2024/11/08/tesla-hits-1-trillion-market-cap-musk-becomes-300-billion-man-after-trump-win/