Stock Track | Tesla Stock Surges as Musk's Trump Bet Pays Off

Stock Track11-12 15:17

Tesla's (TSLA) stock price has skyrocketed following Donald Trump's victory in the 2024 U.S. presidential election, fueled by investor optimism that the company and its CEO, Elon Musk, will benefit from a more favorable regulatory environment under the new administration.

Since Election Day on November 5, Tesla's shares have surged by nearly 30%, propelling the electric vehicle maker's market capitalization past the $1 trillion mark for the first time since April 2022. The rally comes as a direct result of Musk's close association with Trump throughout the campaign, during which the Tesla CEO spent over $130 million supporting the President-elect's bid for a second term.

On Monday, Wedbush Securities analyst Dan Ives raised his price target on Tesla to $400 from $300, citing the potential for a "gamechanger" impact on the company's autonomous driving and AI initiatives under a Trump administration. Ives believes that the "federal regulatory spiderweb" around Tesla's full self-driving efforts could clear significantly, accelerating the company's autonomous driving timeline and providing a tailwind for its Cybercab (robotaxi) plans.

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