Tesla's stock rally
Financial markets/economy
Posted by MoneyController on 21.11.2024
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The growth in the value of Elon Musk's Tesla shares continues, driven by election results and early Trump administration announcements.
In the past month Tesla's shares have experienced an astonishing growth of more than 50 percent in their value. This growth, admittedly, is not all that surprising, however: Tesla's founder and owner Elon Musk has been perhaps the most prominent campaign supporter of Donald Trump, who from 2025 will become the new president of the United States for the second time.
The rise in the stock, in particular, has been due to rumors that the U.S. Department of Transportation will soon have a new priority: a regulatory system for self-driving vehicles. The assumption is that the incoming Trump administration will expand the volume of possible self-driving cars on the road; currently, as “Teleborsa” reports, the National Highway Traffic Safety Administration allows no more than 2,500 self-driving cars on the market each year.
These moves, one assumes, should all benefit Tesla's founder. Until now, Elon Musk had, on the contrary, expressed concern about the idea of regulations on self-driving vehicles being decided by each federal state. It is also worth mentioning - we also read in “Teleborsa” - how Musk recently presented to the public the robotaxi “Cybercab,” whose production is expected to begin after next year.
The U.S. stock market had already favorably rewarded Musk's shares before this news, as a supporter of Donald Trump. Moreover, the collaboration between Trump and Musk will become even closer, since the Tesla founder will also be co-responsible for a department that will aim to make the U.S. administrative and government machinery more efficient.
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