Shares of electric car giant Tesla continued their sharp rise last week, jumping more than 8% in Monday trading, driven by market bets on the performance of the automaker, which benefits from CEO Elon Musk's close ties to US President-elect Donald Trump.
Tesla (NASDAQ:TSLA) shares have jumped about 28% since Donald Trump was declared the winner of the US presidential election, with the market value exceeding $1 trillion for the first time in two years.
Reuters reported that Elon Musk's business ventures depend heavily on government regulation, subsidies or politics, and analysts said that Musk has been supporting Trump for months in the hope that his close ties to the now-elected president will improve the position of his companies and benefit under the new administration.
Last September, Donald Trump said he would form a government efficiency commission headed by Elon Musk to cut federal spending.
In today's US market trading, Tesla (NasdaqGS: TSLA) stock jumped by about 8.25%, or $26.71, to trade near $347.71 per share, which is the highest level for Tesla stock since April 2022.
