2 weeks Ago By Ananya Gairola
On Friday, the market cap of Tesla Inc. TSLA soared past the $1 trillion mark , a surge attributed to CEO Elon Musk’s bet on President-elect Donald Trump . What Happened : Following Trump’s victory and his comeback as the 47th U.
S. president, Tesla’s stock experienced a sharp rally, propelling Musk’s fortune past the $300 billion mark. During an appearance on Yahoo Finance, Wedbush analyst Dan Ives praised Musk’s support of Trump as a “poker move for the ages.
” He anticipates an expedited autonomous sector, which could be worth $1 trillion alone for Tesla’s AI segment. "Autonomous is going to get fast-tracked in our opinion, and that is significant," Wedbush managing director @DivesTech says on $TSLA . "That's worth $1 trillion alone in terms of the AI piece to Tesla, and that's why for Musk, the bet on Trump, it's a poker move for the ages.
" pic.twitter.com/U3rMjisDSE See Also: Elon Musk’s Mom Knew He Was A ‘Genius’ By 3 Years Old But Worried He’d ‘End Up In A Basement’ In a separate post, Gene Munster , managing partner at Deepwater Asset Management , noted Tesla’s impressive 44% rally over the past 12 trading days.
“This is more than just a meme stock,” he wrote on X, formerly Twitter. Munster believes that Tesla’s accelerating delivery growth and the long-term opportunity around autonomy will power the fundamentals leading to further price appreciation. “ $TSLA up 44% over the last 12 trading days, compared to the Nasdaq up 4%.
This is more than just a meme stock. The accelerating delivery growth next year (flat-ish in 2024 and up +20% in 2025) and the long-term opportunity around autonomy will power the fundamentals that should..
. Why It Matters : Tesla’s stock surged nearly 29% this week following Trump's victory in the U.S.
presidential election, as investors grow hopeful that President-elect’s return to the White House could favor the automaker . The Tesla CEO was a key political supporter of Trump's 2024 campaign, reportedly donating over $130 million to aid his re-election. Trump's victory speech also praised Musk, dedicating nearly four minutes to call him a “super genius” and highlighting achievements, including SpaceX launches and its expanding satellite internet network.
Musk has also shown interest in leading a proposed Department of Government Efficiency (DOGE) to reduce federal waste. Trump has suggested Musk for the role of “ Secretary of Cost-Cutting ,” overseeing efforts to trim $2 trillion in federal spending. Last month, Tesla reported third-quarter revenue of $25.
18 billion, reflecting an 8% year-over-year increase. However, the figure fell short of the Street consensus estimate of $25.37 billion, according to data from Benzinga Pro .
Price Action: Tesla shares closed Friday’s session with an 8.19% gain, finishing at $321.22.
In after-hours trading, the stock rose further, reaching $322.80, according to Benzinga Pro data . Read Next: Dogecoin Powers To 7-Month High As Investors Anticipate Musk-Headed DOGE Department Under Trump Disclaimer : This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Tesla © 2024 Benzinga.com. Benzinga does not provide investment advice.
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