Musk-owned Tesla has market value over US$1 trillion after Trump win

NEW YORK: The stock market value of Tesla, the e-car company owned by Elon Musk, a top donor to US incoming president Donald Trump, increased on Friday (Dec. 6) to over US$1 trillion for the first time since 2022, reported German news agency (dpa).

Tesla's share price rose by more than 8 per cent on Friday alone, reaching US$321.22. Since election day on Tuesday, it has increased by more than 25 per cent. Musk, the world's richest person, has an estimated wealth that is now more than US$300 billion, according to calculations from Forbes magazine. His wealth mainly consists of Tesla shares.

Tesla, like other electric vehicle manufacturers, is currently facing a drop off in demand. Trump, who aims to increase oil and natural gas production, might make things even more challenging for the industry. But analyst Dan Ives from the financial firm Wedbush Securities believes that Tesla will be an exception.

Trump has talked about giving Musk, who has no government experience, the role of reducing government spending in the new administration.

-- BERNAMA