Tesla jumps 12%, adding $95 billion to its value in a single day

Shares of the American electric car manufacturer Tesla jumped about 12% on Monday, recording their highest daily gain since US President Donald Trump was declared the winner of the presidential election on November 6, adding $95 billion to the company’s market value in a single day.

This strong recovery was supported by optimism about the easing of US tariffs. Investors are hoping that the tariffs Trump intends to impose on April 2 will have a limited impact.

Tesla’s stock had its longest-ever weekly losing streak at the end of last week following a series of negative reports about the electric car maker’s performance.

Data released Monday also showed that Tesla’s vehicle sales in 25 markets in the European Union and the United Kingdom fell by 44% year-on-year last month, according to CNBC.

According to Forbes magazine, the $95 billion Tesla added to its market value on Monday is more than double the total value of Ford. According to Forbes, Musk’s fortune increased by about $16.5 billion during Tesla’s stock rally on Monday, bringing his net worth to $351 billion, a world record, according to the latest estimates.

Musk’s wealth remains $110 billion below its peak in December. Major U.S. indices closed with sharp collective gains on Monday following indications that the Trump administration may impose less stringent tariffs on U.S. trading partners on April 2.

A range of sector-specific tariffs is now likely to be ruled out, according to media reports over the weekend, citing administration officials, although no final decisions have yet been made.