Tesla stock rises 7% in pre-market trading after reaching $1 trillion market cap

Tesla's stock rose by 7.23% in pre-market trading on Monday, following its achievement of a $1 trillion market capitalization last Friday. This marks a significant milestone for the electric vehicle company. The stock surge occurs despite hedge funds facing $5.2 billion in losses from short positions since election day. Many hedge funds had already reduced their short positions before the election, influenced by Elon Musk's endorsement of Donald Trump. Analysts have noted that Trump's victory could be beneficial for Tesla, despite potential negative impacts on the broader electric vehicle industry. One analyst raised Tesla's price target from $300 to $400, citing optimism about the company's future.