🚗 Tesla Hits $1 Trillion Market Cap

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• Tesla shares soar back to trillion-dollar value after Trump’s win

• TGI Fridays liable for nearly $50 million in unclaimed gift cards

• Volvo EVs can access Tesla's Supercharger network this month

Let’s dive in!

STORIES MAKING A SPLASH

^_FINANCE
Tesla shares soar back to trillion-dollar value after Trump’s win

Tesla's stock surged 8% on Friday, pushing its market cap above $1 trillion. This 29% rally over the week follows Donald Trump's return to the political spotlight, with investors hopeful that a potential Trump administration could reduce regulatory pressures, benefiting Tesla. Elon Musk, a Trump ally, has contributed significantly to pro-Trump efforts.

Tesla’s value had previously reached $1 trillion in 2021, joining giants like Nvidia, Apple, and Amazon in this exclusive club. The company’s impressive scale and reduced reliance on subsidies position it strongly against competition from Chinese EV makers, according to Wedbush analyst Dan Ives.

Despite Tesla's past reliance on tax credits to drive sales, Musk projects strong growth for 2024, estimating a 20% -30 % boost from lower-cost models and advancing vehicle autonomy. In Q3, Tesla reported $25.18 billion in revenue and $2.17 billion in net income.

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TGI Fridays liable for nearly $50M in unclaimed gift cards

As TGI Friday’s bankruptcy unfolds, its restaurants are bracing to handle nearly $50 million in outstanding gift cards. Cardholders are urged to redeem their cards soon to avoid potential losses. "Use it, or you could end up behind other creditors and get pennies on the dollar," warns John Bringardner, head of debt-tracking firm Debtwire.

The company, which owns 39 TGI Fridays locations, filed for Chapter 11 protection, leaving 60 franchisees worried about covering these gift cards without reimbursement. Some cards are over 20 years old, adding urgency for customers hoping to redeem them.

Judge Stacey Jernigan approved an initial $3.3 million loan for the bankruptcy, though franchisees remain concerned. If customers rush to use their cards, franchisees may be left paying the balance without a clear plan for reimbursement.

^_TECH
Volvo EVs can access Tesla's Supercharger network this month

Starting November 18, Volvo electric vehicle owners can charge at over 17,800 Tesla Supercharger stations across the U.S. and Canada, making it simpler than ever to find convenient charging points. These stations will appear on the Volvo Cars app and Google Maps, allowing easy location and payment.

For existing Volvo EVs, a $230 adapter (or $310 CAD) is required to access Tesla Superchargers. The adapter will be available through Volvo retailers starting November 18, though the EX30 model’s adapter is expected later. New EX90, EX40, and EC40 models from 2025 will include the adapter.

Volvo's support of Tesla’s Supercharger network, announced in June 2023, marks a push for standardized charging across North America, aligning Volvo with several other automakers embracing easier EV charging solutions.

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