More than £1bn wiped off retailers and pubs as jobs tax raid looms

Tesla has hit a market valuation of $1 trillion as its share price continues to surge on the back of Donald Trump’s White House triumph.

Shares in electric vehicle-maker climbed more than 6pc as trading opened in New York on Friday, propelling boss Elon Musk’s net worth to more than $300bn. 

The carmaker’s stock has jumped more than 20pc since Mr Trump emerged a victor in the race for the White House in the early hours of Wednesday, lifting it above a market capitalisation of $1 trillion for the first time since 2022.

Mr Musk has been a vocal supporter of the Republican, handing more than $130m to his campaign. He is expected to take up a role in his administration as an efficiency tsar, despite Mr Trump’s scepticism of electric cars.

Analysts have suggested that Tesla stands to benefit from a Trump White House, with his administration smoothing the way for Tesla to launch self-driving cars and robotaxis across the US.

“The biggest winner from a Trump White House remains Tesla and Musk,” said Dan Ives, an analyst at Wedbush Securities, earlier this week. In a note, he said Mr Musk’s bet on Trump would pay “dividends for years to come”.

That is despite Mr Trump’s promise to unleash punishing tariffs on imports and up to 60pc duties on China, a move that is widely expected to trigger a trade war and put Tesla, which operates a major gigafactory in Shanghai, in Beijing’s crosshairs. 

The US stock market hit record highs this week after Mr Trump’s victory became clear, easing fears of a disputed election result, with the Dow Jones and S&P 500 both up more than 4pc as of Friday.