Tesla's stock price surged nearly 9% on Monday to close at $350, with its market value exceeding $1.1 trillion. It continued its post-election rally and pushed the company's CEO Elon Musk's net worth to a new record, further consolidating his status as the richest man in the world.
The Bloomberg Billionaires Index shows Musk's net worth reaches $335 billion, soaring $20.8 billion overnight and up $105 billion so far this year.
Musk's current net worth is about $107 billion higher than Amazon founder Jeff Bezos, who ranks second on the rich list, making him the only rich man with a fortune of more than $300 billion, although he reached this milestone in 2021.
Analysts at Wedbush Securities reiterated their "outperform" rating on Tesla stock, joining those who earlier gave an upbeat outlook on the company's upcoming earnings on Tuesday.
"We raise our price target on Tesla to $400 from $300 as we believe a Trump White House will change the autonomous driving and AI story for Tesla and Musk in the coming years," Wedbush analysts wrote.
It's unclear whether Musk, who spent at least $130 million on Trump's campaign, will have an official title in Trump's second White House or whether he will influence policy decisions through his inner circle.
Either way, Musk stands to gain billions of dollars in potential revenue from new government contracts with his company, of which SpaceX has already secured $19 billion. Some or all of the 19 known federal lawsuits and investigations against his companies may begin to be concluded entirely.
"It's difficult to tell how Elon Musk's growing public relationship with President Trump will benefit Tesla, but it's something to watch closely," analysts at Bank of America wrote in a note last week. They raised their price target on Tesla to $350 from $265.