Tesla Hits $1 Trillion Market Cap—Musk Becomes $300 Billion Man After Trump Win

Earl · Saturday at 10:02 AM

Tesla Hits $1 Trillion Market Cap—Musk Becomes $300 Billion Man After Trump Win

Derek Saul
Forbes Staff
Derek Saul has covered markets for the Forbes news team since 2021.
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Nov 8, 2024,10:54am EST
Updated Nov 8, 2024, 04:11pm EST

Topline

Tesla’s market value eclipsed $1 trillion Friday for the first time since early 2022, as the electric vehicle maker led by the world’s richest man Elon Musk enjoys a massive rally after the Musk-backed Donald Trump secured a second presidential term.

Shares of the Musk-led Tesla are up 24% since Tuesday.

Getty Images

Key Facts

Shares of Tesla jumped more than 10% to nearly $330 in afternoon trading before closing with a still-robust 8% gain at $321, extending its three-day rally to 28%, captaining the broader stock market gains following Trump’s election.
That pushed Tesla’s market value to over $1 trillion for the first time since April 2022, according to YCharts data, with the automaker’s valuation nearly doubling over the last six months.
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Forbes Valuation

Musk’s net worth topped $300 billion Friday for the first time in more than two years. The 53-year-old got about $13 billion richer Friday during the Tesla stock rally, and he’s $70 billion wealthier than the next closest competitor, Larry Ellison, Oracle chairman and Musk’s “very close friend.”

Key Background

Musk is Tesla’s largest shareholder with a 13% stake worth about $130 billion, with a further 9% stake in the company pending an appeal in Delaware court over the 9% bonus in stock options (Forbes discounts the 9% bonus by 50% in its valuation of Musk). Shares of Tesla remain about 25% below their split-adjusted peak of $415 set in late 2021, when Musk’s net worth peaked at roughly $320 billion. Musk endorsed Trump in July, donated about $130 million toward his election efforts and became a frequent figure on the campaign trail, appearing in a photo at Trump’s victory celebration alongside the former president’s family. Musk and Trump have publicly discussed a role for the Tesla chief in the Trump administration, which the president-elect has described as the “secretary of cost-cutting.”