Tesla shares soar to record high

WASHINGTON

Shares of US electric car giant Tesla rose to an all-time high Wednesday.

Tesla's share price rose to $424.77, gaining 5.9% as of 2200GMT. As a result, the company’s market value reached $1.36 trillion.

Tesla shares were on the rise after Donald Trump, whom CEO Elon Musk supported, was elected the 47th president of the US last month.

Since Trump's election victory, the company’s shares have gained over 67%.

The US president-elect’s announcement that Musk and entrepreneur Vivek Ramaswamy would lead the Department of Government Efficiency (DOGE) also had an impact on the direction of Tesla shares.