A continuing rise: Elon Musk and Tesla sees a $50 billion boost since the election 🚀
Tesla's shares surge an additional 7%, pushing Elon Musk's net worth up by a staggering $50 billion following the election.
Elon Musk, the globe-trotting CEO of Tesla, finds himself $50 billion richer following a surge in Tesla's stock price, marking a 7% increase from the previous day. This upward trend is no accident - it all started with Elon's vocal support for President-elect Donald Trump's re-election campaign.
Here's a quick breakdown:
- Tesla shares reached an staggering $350 per share - a figure not seen since April 2022.
- The stock has skyrocketed a total of 37% since the week of the election.
- As Tesla's largest shareholder, Musk reaps the rewards of Tesla's growth, catapulting him to a jaw-dropping net worth of $316 billion, making him the world’s wealthiest individual.
- Musk's net worth has ballooned by an impressive $51 billion, leaving the world's second wealthiest person in the dust. The gap between them is now more significant than the entire wealth accumulated by Francoise Bettencourt Meyers - the world's richest woman and L’Oréal heiress.
Denmark Ives, a renowned analyst at Wedbush Securities, was confident that this rally was far from over, raising Tesla's price target to an eye-popping $400. Dan believes that policies such as relaxed regulations could pave the way for Tesla's flourishing autonomous driving sector. Additionally, he foresees Tesla having a significant role in US-China trade negotiations, anticipating favorable "carve outs" should China retaliate with tariffs- a major market representing a third of Tesla's sales.
More great news for Tesla fanatics: Daniel expects Musk to play a pivotal role in discussions regarding US tariffs on Chinese goods. As China host's a substantial portion of Tesla's sales, any tariff retaliation could impact the company significantly. But don't worry, Musk will reportedly steer clear of any formal roles in the Trump administration that may pull him away from Tesla's leadership- rest assured, Elon is still at the helm.
To put Tesla's growth into perspective, the company has seen a staggering $300 billion addition to its market value since the election. That's roughly equivalent to the combined market value of Toyota, the world's second most valuable auto company, and General Motors, the second most valuable American automaker.
Nowadays, Tesla stock is synonymous with the post-election rally. The S&P 500 is reaching new heights, and you can't forget other Trump-linked assets like Bitcoin and Tesla itself have experienced explosive growth. Since endorsing Trump in July, Musk has become an integral part of Trump's inner circle, both personally and politically. Whether it's joining Trump's call with Ukrainian President Volodymyr Zelensky or vacationing with Trump's family, it's safe to say Musk and Trump have formed a bond that shows no signs of slowing down.
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Sources: + CNN Business + Financial Times + New York Times + Wall Street Journal
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- The surge in Tesla's stock price, following Elon Musk's vocal support for President-elect Donald Trump's re-election campaign, has significantly impacted the finance sector, as Tesla's largest shareholder, Elon Musk, has seen his net worth skyrocket to $316 billion, making him the world’s wealthiest individual.
- The technology sector is also being affected by this rise, as Denmark Ives, a renowned analyst at Wedbush Securities, raised Tesla's price target to $400, citing potential favorable policies for Tesla's autonomous driving sector and a significant role in US-China trade negotiations.
