Tesla stock continued its massive rally on Friday, pushing the electric vehicle (EV) maker's market cap to more than $1 trillion.
The company's stock was up 7% as of midday Friday. Tesla stock has risen nearly 26% since the market closed on Election Day.
The company joins a small group of companies that have crossed the $1 trillion threshold, mostly among technology companies like Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta.
Tesla stock soared early Wednesday following President-elect Trump's election victory. Tesla CEO Elon Musk is one of Trump's main supporters, pumping millions of dollars into his own pro-Trump super PAC.
America PAC, which received $118 million from Mr. Musk, played a leading role in increasing voter turnout in battleground states for the Trump campaign.
Musk also frequently posted about Trump and the election on his social platform X, amplifying the Republican candidate's message to his 200 million followers.
The billionaire appeared alongside the president-elect at several rallies in the final weeks of the election, and was with the president to announce the results on election night at Trump's Mar-a-Lago resort in Florida. I watched over it.
Trump encouraged Musk in his victory speech early Wednesday morning.
“We have a new star,” he said. “A star is born, Elon!”
Musk is expected to play some role in the incoming Trump administration, but it's not yet entirely clear what that role will be. The president-elect has previously suggested that a technology mogul could lead a committee focused on cutting government costs.
Despite Trump's hostile stance on EVs, Musk's Tesla is expected to benefit under his presidency.
Wedbush Securities analyst Dan Ives wrote in a recent research note that the president-elect's plan to eliminate EV subsidies will give Tesla a competitive advantage while negatively impacting the industry as a whole. He said that is expected.
Ives said other President Trump policies, such as increasing tariffs on imports from China, could also support Tesla's growth.
