Tesla Gets Strong Boost After Win of Donald Trump in US, Market Value Crosses USD 1 Trillion, Wealth of Musk Also Increased

Tesla, one of the big electric vehicle (EV) companies, has benefited from Donald Trump’s victory in the US presidential election. The market capitalization of the company increased to more than one trillion dollars. Tesla CEO, Elon Musk had openly supported Trump in this election.

Tesla shares rose more than six percent on Friday to more than $315. This is the high level of the company’s shares in more than two years. Earlier on Thursday, Tesla’s shares were up by more than 19 percent. The company has crossed the market value of one trillion dollars for the first time in more than two years. Garrett Nelson, senior equity analyst at CFRA Research, said, “‘Tesla and its CEO, Elon Musk, are among the biggest beneficiaries of this election. We believe that Trump’s victory will lead to the company’s autonomous driving technology being subject to regulatory scrutiny sooner. Can get approval from.”

Due to the strong rise in the company’s shares, Musk’s wealth has also increased to $ 300 billion. Musk played an important role in Trump’s election campaign. He also had a prominent place among those who donated to Trump. Investors hope that Musk, who supported Trump in the election, will benefit from this victory. Tesla’s competitors may suffer big losses due to the new government’s reduction in subsidies for EVs in America. Apart from this, Trump also plans to increase tariffs on imports from China. This could have a major impact on the sales of Chinese EV makers in America. Tesla ranks first in the EV market in America with more than 48 percent share.

There was a decline in both sales and profits of the company in the first half of this year. It is facing tough competition from EV companies like China’s BYD. However, the company’s profit increased by about 17.3 percent in the third quarter. Tesla’s full self-driving system is also being investigated in America. During the election campaign, Trump had said that if he became the President of America for the second time, he would offer Musk to take charge of a new department to minimize the obstructions from the bureaucracy.