Tesla Reaches $1 Trillion Market Value After Trump’s Election Victory | Elon Musk

Tesla’s market value broke $1 trillion on Friday in a strong rally as speculation grew that CEO Elon Musk would give favorable treatment to his companies in return for his support for President-elect Donald Trump’s campaign.

Shares of the electric car maker rose more than 6% to a more than two-year high of $315.56 after gaining 19.3% through Thursday’s close. The company surpassed $1 trillion in valuation for the first time in more than two years.

The billionaire could push for favorable regulation of autonomous vehicles planned by Tesla and also get the U.S. National Highway Traffic Safety Administration to withhold potential enforcement actions related to the safety of Tesla’s current driver assistance systems, a source had told Reuters.

Musk has focused on self-driving vehicle technology and abandoned plans to build an economical car for under $30,000. However, development and regulatory hurdles have delayed the commercialization of such technologies.

“Tesla and CEO Elon Musk are perhaps the biggest winners from the election results, and we believe Trump’s victory will help accelerate regulatory approval of the company’s autonomous driving technology,” said Garrett Nelson, senior equity analyst at CFRA Research.

Tesla shares jumped in late October after the company reported a rise in quarterly profit margin, boosted by sales of highly profitable driver assistance software Full Self Driving. The company has been the world’s most valuable automaker for years, trailing Toyota Motor of Japan, BYD of China and others with hundreds of billions of dollars behind them.