TSLA Surges as Musk's Wealth Climbs Past $300 Billion Mark

Nov 09, 2024

Tesla (TSLA, Financial) closed with an 8.19% increase, reaching $321.22, which brought its market capitalization to $1.03 trillion. This marks the first time since 2022 that Tesla has surpassed the $1 trillion valuation. Elon Musk's net worth also climbed above $300 billion for the first time in three years.

Since Donald Trump's election victory, Musk's personal fortune has expanded more than any other billionaire on Bloomberg's list. Tesla's stock surged 29% this week, adding $50 billion to Musk's wealth, which now totals $313.7 billion.

Trump has expressed support for Musk’s ventures, suggesting he would reconsider slowing down the transition to electric vehicles due to the Tesla co-founder’s influence. Additionally, Trump has shown support for SpaceX, Musk’s other major company, particularly its mission to land on Mars. Furthermore, Trump proposed a new role for Musk in his administration focused on improving efficiency.

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