Tesla shares soared to an all-time high on Wednesday exceeding their previous record set in 2021, driven by a post-election rally and heightened enthusiasm Wall Street for Elon Musk’s electric vehicle company.
The stock increased to an intraday high of $415, exceeding its previous peak by 50 cents and closed above its highest finish of $409.97 recorded on 4th November 2021.
Tesla’s market has increased reportedly increased by around 69% this year, with nearly all of those gains occurring after Trump’s election victory early last month. The stock’s 38% rally in represented its monthly performance since January 2023 and ranks as the 10th best on record.
Reportedly according to Federal Election Commission filings, Musk invested $277 million into a pro-Trump campaign effort and transformed his support for the Republican nominee into a full-time job in the lead-up to the election. He financed an operation in swing states to register voters and utilised his social media platform, to promote his chosen candidate, often disseminating misinformation.
The world’s wealthiest individual, whose net worth has increased to over $360 billion, is poised to head the Trump administration’s ‘Department of Government Efficiency,’ DOGE – together with former Republican presidential candidate Vivek Ramaswamy.
The newly formed DOGE will be tasked with culling government bureaucracy by streamlining and junking departments.
Musk’s role may grant him authority over the budgets and staffing of federal agencies, well as the capability to advocate for the removal of inconvenient regulations. During a Tesla earnings call in October, Musk reportedly stated intention to leverage his influence with Trump to create ‘Federal approval for autonomous vehicles.’ At present, approvals are at the state level.
Is business now openly running he U.S. government?