Nov. 8 (UPI) — Tesla Friday reached a $1 trillion market capitalization value for the first time since 2022 in a post-election stock rally.
Over three days Tesla stock has gone up 24%, pushing CEO Elon Musk’s total net worth past $300 billion, according to Forbes.
The stock surge came in the wake of President-elect Donald Trump’s victory over Vice President Kamala Harris as Musk spent $130 million in support of Trump’s campaign and appeared at several of his rallies.
Trump has suggested he will offer Musk a role in his administration, while Tesla is also likely to benefit if Trump imposes high tariffs on Chinese EVs.
During a third-quarter financial result call. Musk said he would use his sway with Trump’s administration to establish a “federal approval process for autonomous vehicles.”
In August the United Auto Workers filed a complaint with the National Labor Relations Board accusing Trump and Musk of illegally threatening workers at the now-trillion dollar company who might exercise a legal right to strike at Tesla.
The complaint said during a two-hour interview on X with Musk, Trump said, “I won’t mention the name of the company, but they go on strike and you say, ‘That’s OK, you’re all gone.”
UAW President Shawn Fain said in a statement when the complaint was filed, “Both Trump and Musk want working class people to sit down and shut up, and they laugh about it openly. It’s disgusting, illegal, and totally predictable from these two clowns.”
Other trillion-dollar companies include Nvidia, Apple, Microsoft, Alphabet, Amazon and Meta.
