Tesla hits 1tn market value after Musk-backed Trump win

Tesla's market value breached the 1tn mark in a sharp rally on Friday, on growing bets of a favorable treatment for CEO Elon Musk's companies in return for his support for President-elect Donald Trump in his poll campaign. The electric automaker's shares rose more than 6% to a more than two-year high of 315.56, after having gained 19.3% up to Thursday's close. The company crossed the 1tn valuation for the first time in more than two years. The billionaire could push for favorable regulation of autonomous vehicles that Tesla plans and also get the US National Highway Traffic Safety Administration to hold off on potential enforcement actions involving the safety of Tesla's current driver-assistance systems, a source had told Reuters. Musk has focused on self-driving vehicle technology, ditching plans to build an economy car priced at under 30,000.