Tesla's stock continues to rise to its highest level in two years.

Tesla's stock, a giant in the electric vehicle manufacturing industry, continued its sharp rise last week with a jump of over 8% on Monday, driven by market bets on the performance of the automaker benefiting from CEO Elon Musk's close ties with elected President Donald Trump.

Tesla's stock had recorded a leap of about 28% since Donald Trump announced his victory in the U.S. presidential election, pushing its market value to surpass one trillion dollars for the first time in two years.

Reuters news agency reported that Elon Musk's business ventures heavily rely on government regulation, subsidies, or policy. Analysts have indicated that Musk has been supporting Trump for months in hopes that his close relationship with the elected president will improve the status of his companies and provide benefits under the new administration.

In September, Donald Trump announced that he would form a government efficiency committee chaired by Elon Musk to reduce federal spending.

Regarding trading in the U.S. market today, Tesla's stock (NasdaqGS: TSLA) jumped about 8% or $25.71, trading close to the level of $346.93 per share, marking the highest point for Tesla's stock since April 2022.