If You Invested $1,000 In Tesla When Joe Biden Was Elected President, Here's How Much You'd Have Now

The election of Joe Biden as U.S. president has been seen as a milestone in history for EV and clean energy manufacturing companies at large.

One stock that has seen a marked jump in value under Biden's presidency is Tesla Inc TSLA.

Tesla was founded in 2003 by current CEO Elon Musk, Martin Eberhard, Marc Tarpenning, Ian Wright and J.B. Straubel. It is one of the leading manufacturers of electric vehicles in the world and a leader in renewable energy, offering consumers across the globe access to solar roofs and powerwall batteries.

Over the past few years, the company has seen its stock prices skyrocket as demand for clean energy solutions has increased.

See Also: Every Tesla Model Y Now Qualifies For The Full Federal EV Tax Credit

Since Biden's election, Tesla's stock price has risen dramatically. On Nov. 3, 2020, the day of the election, the stock was trading at a split-adjusted price of around $130 per share. At the time of publication, it is trading at roughly $185.

That means that if you had invested $1,000 in Tesla on the day of the election, your investment would now be worth $1,423.

This 42.3% increase in Tesla's stock price is due to several factors:

• Biden's election has been seen as a sign of increased government subsidies in the broader EV market. This has made investors more confident in Tesla's long-term prospects.
• The company's upcoming new products, including the Cybertruck, have been well-received, leading to increased investor confidence.
• Tesla's new factories in China and Germany have improved its global reach and production goals. In fact, Tesla's Giga Berlin has managed to double the output of the company's Model Y in less than six months.

TSLA Price Action: According to data from Benzinga Pro, TSLA has a 52-week high of $384.29 and a 52-week low of $101.81. Shares are up 71.14% at $185.00 on a year to date basis.

See Also: Tesla Model 3 At $25,000? Cathie Wood Details How EV Maker Can Afford To Drastically Cut Prices

Photo: The White House via Wikimedia Commons