Donald Trump does not admit defeat, but he is defeated: On Monday, the independent General Services Administration declared Joe Biden the likely winner of the presidential election, whereupon the incumbent declared that he was still counting on his own victory. Nevertheless, he will support the handover in the interests of the country, he wrote on Twitter – and that was obviously what the stock exchange wanted to hear. All major indices and sectors in the US gained significantly on Tuesday. Once again, Tesla developed well above average and with momentum left the round mark of 500 billion dollars in market capitalization behind.
Tesla is now worth $ 527 billion
The stock closed Tuesday at $ 555.38, like the rest of the stock market, near its daily high. Since last Monday, Tesla has gained around 35 percent in value. Relief over the now foreseeable smooth departure from Trump prolonged a rally that began with news that the stock will soon be included in the major S&P 500 index.
Tesla’s total value after its recent surge was $ 526.74 billion, or a good half a trillion dollars. This makes the company one of the most valuable in the world – just as its CEO and major shareholder Elon Musk has just become the second richest person in the world with it and his SpaceX shares. Since the beginning of the year, the Tesla share price has increased almost sixfold.
… Fight, and I believe we will prevail! Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same.
– Donald J. Trump (@realDonaldTrump) November 23, 2020
In addition to Trump’s relenting, the stock market was spurred on Tuesday by the news that incoming President Biden plans to appoint former Fed chair Janet Yellen as Treasury Secretary, according to a report by Investors Business Daily. In addition, concerns about the increasing number of corona cases give way to hope that a vaccine against the virus will be approved.
Hope for greener US policies
Tesla and other electric car stocks were among the biggest winners. The Motley Fool finance website said a Biden government would be seen as an overall for green energy company like Tesla. Some investors would hope for a reintroduction of a nationwide electric car purchase bonus for Tesla (so far it only applies to up to 200,000 vehicles that the pioneer has long since exhausted) as well as possible further incentives for the purchase of photovoltaic systems and storage batteries, such as Tesla also offers them.