Tesla stock rises over 7% as Musk endorses Trump

Tesla shares rose over 7% in premarket trading on Monday, continuing a rally that began after Elon Musk endorsed President-elect Donald Trump. The stock price reached $344.50, potentially adding over $74 billion to Tesla's market value. Since Trump's election victory was announced, Tesla's stock has increased nearly 28%, surpassing $1 trillion in market value for the first time in two years. Prior to the election, shares were only slightly up for the year. Musk's support for Trump includes a significant financial contribution to a pro-Trump group. Analysts suggest Musk's close ties to the new administration could benefit his companies, despite Tesla facing scrutiny over its self-driving technology.