Tesla Witnesses Increase Following Trump's Tariff Pause Announcement
(MENAFN) Shares of US-based electric vehicle (EV) manufacturer Tesla experienced a significant increase of 22.69 percent by the end of trading on Wednesday, following Leader Donald Trump's announcement of a 90-day pause for countries impacted by his reciprocal tariffs, excluding China.
As a result, Tesla's stock price climbed to USD272.2, and the company's market value surged to USD852.9 billion.
Since December of last year, the price of Tesla’s shares had dropped by approximately 44 percent, primarily due to increasing competition from China and the close ties between CEO Elon Musk and President Trump.
In December, Musk reached a milestone as his personal wealth, linked to his Tesla and SpaceX holdings, social media platform X, and other ventures, peaked at USD486 billion.
However, Trump's policies, which have been in place since he assumed office, have negatively impacted Musk's financial standing.
Estimates suggest Musk's losses have exceeded USD130 billion since mid-January, with his fortune suffering losses of USD31 billion over Thursday and Friday of the previous week, followed by an additional USD4.4 billion on Monday, based on a news agency.
These losses were largely driven by the decline in Tesla shares, partly due to Trump's tariffs and investor concerns, as well as decreased sales, some of which were influenced by Musk's high-profile association with the Trump administration.
In December, Tesla's market capitalization reached USD1.4 trillion, exceeding the combined worth of the next 40 largest public automakers.
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