Tesla re-entered the $1 trillion valuation club on Friday as its stock surged over 23% following Donald Trump’s presidential election victory. This leap has increased CEO Elon Musk’s net worth to approximately $300 billion, solidifying his position as the world’s richest individual. Musk’s strong support for Trump, who has indicated plans to appoint him to a government role focused on reducing “wasteful” programs, may signal new opportunities and reduced regulatory challenges for Tesla.

While SpaceX, Musk’s rocket company, has benefitted from billions in government contracts, Tesla itself has fewer direct contracts but faces ongoing federal scrutiny. Analysts speculate that Tesla could see regulatory relief under Trump’s administration, which could benefit its autonomous vehicle ambitions. Tesla, last valued at $1 trillion in 2021, now stands among elite tech giants like Apple, Microsoft, and Amazon.

Despite some signs of slowing demand for Tesla vehicles in recent quarters, Musk continues to focus on autonomous driving as the company’s growth engine. He envisions a future fleet of robotaxis that could revolutionize personal transport, though Tesla faces stiff competition from Alphabet’s Waymo, which has been steadily rolling out autonomous services in multiple cities. The new trillion-dollar valuation underscores Tesla’s influence in the tech sector, as the company continues to set ambitious goals under Musk’s leadership. Tesla previously hit $1 trillion in 2021.