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Tesla Inc hits record high as post-election surge continues
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Tesla, Inc. (NASDAQ: TSLA) rose more than 3% to $415.57, following a 64% jump since Donald Trump’s election victory last month that has seen the company’s market cap jump by more than $500 billion to $1.3 trillion. The surge is believed to be due to the notion that CEO Elon Musk’s close relationship with President-elect Donald Trump will benefit Tesla.
Musk has “significant influence” in the Trump White House, according to Wedbush in a note earlier this month. The company sees an “emboldened Trump/Musk strategic alliance playing out in real time” and believes it has cleared the path for major opportunities, including Cybercabs and autonomous vehicles, as per its thesis.
