The impact of Donald Trump's victory in the 2024 US presidential elections continues to cause ripple effects across the board, especially in the world of business and finance.
Trump Turbocharges Tesla
One of the biggest benefactors of the developments that have transpired in the past week since election day (November 5) has been Elon Musk, and by extension, his companies, Tesla, SpaceX, and, up to some extent, X.
Tesla | Representation | File Pic
The electric vehicle maker, which recently announced its quarterly results for the third quarter, signalled a return of the makes of Model Y, who started the new year on a bumpy note.
Tesla Shares
This helped the company's stocks listed on Nasdaq. However, Donald Trump's victory and his apparent proximity with Elon Musk have supplemented the surge of Tesla shares.
The company shares once again made major gains in the intraday trade on November 11, Monday. Tesla gains that boosted Nasdaq rose by 8.96 per cent or USD 28.78; this took the overall value of the company's shares to USD 350.00 per share.
It is to be noted that in the past 5 trading sessions, Tesla shares have jumped by a mammoth 41.59 per cent. As a result of this, many are speculating the figure to soon touch the USD 1,000 mark.
Elon Musk, The Richie Rich
The growth in the equity markets has aided Musk's own personal prospects. Elon Musk's personal wealth has surged astronomically just in the past few days. From hovering around USD 220 billion, his personal net worth has now gone past the USD 300 billion mark.
As per the latest numbers from Forbes, Elon Musk made gains of USD 16 billion just in the past session, taking his overall worth to a staggering USD 320 billion.
The person, second in line on the list of the world's richest, Larry Ellion, who also supported Trump, is about USD 100 billion behind.
In addition, his platform X, formerly Twitter, has also seen its importance, with many Trump-leaning forces joining in the social media platform.
.avif)
