Tesla’s stock surged over 10% in Friday afternoon trading, propelling the electric vehicle giant’s market capitalization past the $1 trillion mark. This significant gain followed a week where Tesla shares jumped by approximately 27%, spurred by Donald Trump’s victory in the U.S. presidential election and investor optimism about how his administration might benefit Tesla. CEO Elon Musk has been a prominent Trump supporter, contributing at least $130 million to pro-Trump campaign efforts.

Tesla’s market capitalization stood at $807.1 billion at Tuesday’s close before this week’s rally. With the latest surge, the company’s stock has increased about 29% for the year. Tesla now rejoins a select group of tech powerhouses worth over $1 trillion, including Nvidia, Apple, Microsoft, Alphabet, Amazon, and Meta, with most of these companies exceeding $2 trillion in value. Tesla initially crossed the $1 trillion threshold in October 2021.

Wedbush Securities analyst Dan Ives noted that Trump’s potential administration could reduce regulatory pressures on Tesla and other firms. “Tesla has the scale and scope that is unmatched in the EV industry,” Ives wrote in a client note, suggesting that a shift away from EV subsidies combined with increased tariffs on Chinese EV competitors like BYD and Nio could give Tesla a stronger foothold in the U.S. market.

Seven French families are suing TikTok, accusing the popular social media platform of exposing their children to harmful content that contributed to severe consequences, including two teenagers taking their own lives. The case, filed in the Créteil judicial court, claims TikTok’s algorithm promoted content related to self-harm, eating disorders, and suicide, according to Laure Boutron-Marmion, the families’ lawyer.

Boutron-Marmion described the lawsuit as the first of its kind in Europe and stated that the families aim to hold TikTok legally accountable for the content their platform failed to moderate. “This is a commercial company offering a product to consumers who are, in addition, minors. They must, therefore, answer for the product’s shortcomings,” she explained to French media.

One of the tragic cases involves Marie, a 15-year-old who took her own life in 2021. Her mother has argued that TikTok’s exposure to dangerous video content was a significant factor leading to Marie’s death. The ongoing criminal complaint filed last year by Marie’s parents remains separate from the current group lawsuit.

Another teenager involved in the case also died by suicide. Four of the remaining five young women reportedly attempted suicide, with at least one developing an eating disorder after engaging with content on the platform.

TikTok has responded, stating that it has not received any notifications of legal proceedings related to these allegations. The company emphasized its community guidelines, which prohibit content promoting self-harm or suicide, and highlighted its use of technology and human moderators to enforce these standards.

Despite TikTok’s claims of rigorous safety measures, the social media giant has faced increasing scrutiny for its content moderation practices, echoing concerns raised about the impact of social networks on vulnerable youth.

Bitcoin crossed the $70,000 mark for the first time since June, as investor optimism grows ahead of MicroStrategy’s earnings release and the upcoming U.S. presidential election. The leading cryptocurrency climbed 2% to $71,048.36, while Ether, the second-largest cryptocurrency, jumped 5%.

Stocks tied to cryptocurrencies followed the upward trend, with Coinbase, a major crypto exchange, advancing 3%, and MicroStrategy, a company known for its significant bitcoin holdings, rising 5% in premarket trading. The last time Bitcoin approached this level was earlier this year in June, after hitting its all-time high of $73,797.68 in March. Although previous rallies above $70,000 were short-lived, current momentum is building as markets prepare for key financial and political events.

With the U.S. presidential election just days away, Bitcoin has traded within a narrow range between $55,000 and $70,000. However, the approaching Election Day on November 5 and the Federal Reserve’s upcoming rate policy decision on November 7 could serve as catalysts for a potential breakout. Republican nominee and former president Donald Trump has embraced the crypto industry, positioning himself as a pro-crypto candidate, while Democratic nominee Kamala Harris has been more reserved on the issue, leaving the sector divided on how her presidency might impact the industry.

Investors are also closely monitoring earnings from Coinbase and MicroStrategy, both scheduled for Wednesday. MicroStrategy, often viewed as a proxy for bitcoin due to its large holdings, has seen its longest winning streak since 2010, with Monday’s closing price being its highest since March 15, 2000.

Bitcoin has surged 5% over the past week, putting it on track to close October with a 12% gain. The rise has been fueled by significant inflows into bitcoin ETFs, contributing to the cryptocurrency’s positive momentum as the month draws to a close.