Money Blog: Tesla’s Value Surges After Trump Wins | Money news

Much has been said about the rise in Tesla’s value since Donald Trump’s election victory.

The company’s largest shareholder, Elon Musk, campaigned for Trump.

The rise in the company’s share price yesterday continued this afternoon, and comes against the backdrop of falling share prices of other companies producing electric vehicles.

Kathleen Brooks, director of research at XTB, offered this analysis…

Tesla delivered an outstanding performance on Wednesday as Elon Musk’s strong ties to Trump boosted the company’s prospects.

“While having friends in high places can be helpful, Tesla’s rise is out of sync with the decline of other renewable energy companies following Trump’s victory.

“Rivian’s share price has fallen in recent weeks as the Trump deal has solidified.

“Xcel Energy, one of the largest renewable energy producers in the US, also retreated from recent highs, and Pacific Oil and Gas, which is increasing renewable energy production by 75%, also retreated amid Trump’s victory.

“So Tesla’s growth looks like an anomaly. Will it sell out because Trump is anti-EV?

“Or can Tesla and other domestic electric vehicle makers win Trump over? If so, Rivian’s share price may be ripe for recovery.”