Expectations that CEO Elon Musk’s businesses will receive preferential treatment under President-elect Donald Trump for his broad support during the election campaign caused Tesla’s market value to close above $1 trillion on Friday.
For the first time in almost two years, the electric carmaker’s worth surpassed the trillion-dollar threshold as its shares surged 8.2% to $321.22.
This week, the stock increased by 29%, reaching its highest market capitalization since January 2023 with a gain of about $230 billion.
The billionaire might influence the U.S. National Highway Traffic Safety Administration to postpone possible enforcement actions over the safety of Tesla’s present driver-assistance technologies and advocate for favorable regulation of autonomous vehicles, according to a person who spoke to Reuters.
Musk has abandoned plans to produce an affordable automobile that costs less than $30,000 in favor of concentrating on self-driving car technology. However, the commercialization of such technology has been delayed due to regulatory and development obstacles.
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