- Trump’s election boosted stocks and crypto, including an 8% rise in Tesla’s stock.
- Tesla’s market cap reached $1 trillion, partly due to investor optimism.
- Close ties between Musk and Trump could benefit Tesla’s future AI and automation projects.
Only a week after the election, Elon Musk’s political affiliation with Donald Trump is already paying dividends for the multi-billionaire. Throughout the campaign, Musk was arguably one of the most notorious Republican supporters– making appearances at many Republican rallies.
On November 5th the effort paid off as Trump was elected the next President of the United States, winning both the electoral and popular votes.
Trump’s victory proved great for risky markets like stocks and crypto. Only hours past the election result, the U.S. stock market showed significant improvements, and digital assets like Bitcoin continue to reach new all-time highs consecutively to this date.
As for Elon Musk’s Tesla – the vehicle and automation company – the story is no different. Just recently, Tesla stock (TSLA) soared by 8% after breaking above $349 per share. If the stock value maintains this level Tesla will be adding nearly $90 billion to its market capitalization moving forward.
In fact, Tesla just reached the amazing milestone of $3 trillion in market capitalization. Market analysts now predict an even brighter future for the company as the close ties Musk now has at the White House could facilitate regulation for Tesla’s future AI and vehicle automation projects.
