Tesla’s shares surge 3.5 percent during Tuesday’s trading

(MENAFN) Tesla’s shares surged by 3.5 percent during Tuesday’s trading, breaking a losing streak that had stretched over six consecutive sessions. This single-day rally added approximately USD28 billion to Tesla’s market capitalization, with the spike occurring on the same day as the US elections, which heightened market activity.

The significant rise in Tesla’s stock followed a favorable court decision for CEO Elon Musk, allowing his political action committee to award a USD1 million prize to voters in crucial swing states. Musk, the world’s wealthiest person, has used this incentive to support Republican candidate Donald Trump in his bid for the presidency, running against Democratic candidate Kamala Harris.

Coinbase, another company benefiting from recent market dynamics, saw its stock rise by more than 4 percent, extending its daily winning streak to three days. This boost was partly driven by a 3 percent increase in Bitcoin, further underscoring Trump’s stance as a strong advocate for the cryptocurrency sector, which has attracted positive sentiment among crypto investors.

ARK Invest, the fund management firm led by Cathie Wood, added to the momentum by announcing an increase in its holdings of Coinbase shares, purchasing an additional 24,400 shares worth approximately USD4.5 million. This move highlights ARK Invest’s confidence in the cryptocurrency exchange, contributing to the growing support for digital assets as the political landscape aligns with crypto-friendly policies.

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