Tesla reached a value of over $1 trillion after Trump's victory

Tesla returned to the $1 trillion club on Friday after its shares surged in the days following Donald Trump's victory in the presidential election.

Shares of the electric car maker have risen about 23% since Wednesday, a significant turnaround after a year in which the share price had otherwise moved sideways.

The new valuation also increases Tesla CEO Elon Musk's net worth to around $300 billion, according to Forbes – increasing his already considerable lead as the world's richest person by more than $30 billion.

Musk aggressively lobbied Trump, who has indicated he intends to appoint the Tesla chief to a position tasked with increasing government “efficiency” by cutting programs deemed wasteful.

Through his rocket company SpaceX, Musk has benefited from billions of dollars in government contracts over the past decade. Although Tesla has fewer direct contracts, the company has been embroiled in several federal investigations and regulatory actions that could be rolled back once Trump takes office.

With its 13-digit valuation, Tesla joins Nvidia, Apple, Microsoft, Google parent Alphabet, Amazon and Facebook parent Meta.

Tesla had already reached the $1 trillion mark in 2021.

Demand for Tesla's electric vehicles has shown some signs of weakness in recent quarters, but Musk has said he is betting the automaker's future not on environmentally conscious drivers but on a future fleet of autonomous vehicles. On this front, the company now faces competition from Alphabet-owned Waymo, which is already rolling out “robotaxi” services in several markets.