US_ Tesla Hits $1T Market Valuation as Musk-Backed Trump Win Fans Optimism

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Tesla Hits $1T Market Valuation as Musk-Backed Trump Win Fans Optimism

Tesla and SpaceX CEO Elon Musk on stage to speak alongside Republican presidential nominee, former President Donald Trump at a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (Alex Brandon/AP)

Friday, 08 November 2024 11:49 AM EST


Tesla's market value breached the $1 trillion-mark in a sharp rally Friday, on growing bets of a favorable treatment for CEO Elon Musk's companies in return for his support for President-elect Donald Trump in his poll campaign.

The electric automaker's shares rose more than 6% to a more than two-year high of $315.56, after having gained 19.3% up to Thursday's close. The company crossed the $1 trillion valuation for the first time in more than two years.

The billionaire could push for favorable regulation of autonomous vehicles that Tesla plans and also get the U.S. National Highway Traffic Safety Administration to hold off on potential enforcement actions involving the safety of Tesla's current driver-assistance systems, a source had told Reuters.

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READ MORE: https://www.newsmax.com/streettalk/tesla-1-trillion-dollars/2024/11/08/id/1187278/

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