On Friday, the market cap of Tesla Inc. TSLA soared past the $1 trillion mark, a surge attributed to CEO Elon Musk’s bet on President-elect Donald Trump.

What Happened: Following Trump’s victory and his comeback as the 47th U.S. president, Tesla’s stock experienced a sharp rally, propelling Musk’s fortune past the $300 billion mark.

During an appearance on Yahoo Finance, Wedbush analyst Dan Ives praised Musk’s support of Trump as a “poker move for the ages.” He anticipates an expedited autonomous sector, which could be worth $1 trillion alone for Tesla’s AI segment.

See Also: Elon Musk’s Mom Knew He Was A ‘Genius’ By 3 Years Old But Worried He’d ‘End Up In A Basement’

In a separate post, Gene Munster, managing partner at Deepwater Asset Management, noted Tesla’s impressive 44% rally over the past 12 trading days. “This is more than just a meme stock,” he wrote on X, formerly Twitter.

Munster believes that Tesla’s accelerating delivery growth and the long-term opportunity around autonomy will power the fundamentals leading to further price appreciation. “

Why It Matters: Tesla’s stock surged nearly 29% this week following Trump’s victory in the U.S. presidential election, as investors grow hopeful that President-elect’s return to the White House could favor the automaker.

The Tesla CEO was a key political supporter of Trump’s 2024 campaign, reportedly donating over $130 million to aid his re-election.

Trump’s victory speech also praised Musk, dedicating nearly four minutes to call him a “super genius” and highlighting achievements, including SpaceX launches and its expanding satellite internet network.

Musk has also shown interest in leading a proposed Department of Government Efficiency (DOGE) to reduce federal waste. Trump has suggested Musk for the role of “Secretary of Cost-Cutting,” overseeing efforts to trim $2 trillion in federal spending.

Last month, Tesla reported third-quarter revenue of $25.18 billion, reflecting an 8% year-over-year increase. However, the figure fell short of the Street consensus estimate of $25.37 billion, according to data from Benzinga Pro.

Price Action: Tesla shares closed Friday’s session with an 8.19% gain, finishing at $321.22. In after-hours trading, the stock rose further, reaching $322.80, according to Benzinga Pro data.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo courtesy: Tesla