Tesla's stock price rises 15% following Donald Trump's victory in the U.S. election, backed by Elon Musk.
Tesla's stock surged 15% on NASDAQ after Donald Trump's second-term presidential victory, following a public endorsement from Elon Musk during Trump's victory speech.
Tesla's stock price, led by Elon Musk, surged by over 14% on NASDAQ just hours after Donald Trump won a second term as U.S. president. The boost followed Trump’s mention of Musk in his victory speech in Florida.
Tesla shares were trading at $289.41, up 15%, in early trading after opening at $284.67. The stock reached a high of $289.59 during the day.
"He’s a character. He’s a special guy. He’s a super genius," Trump said of Musk during his address to supporters. "We have to protect our geniuses. We don’t have that many of them." Musk responded on X (formerly Twitter) with a post featuring a humorous fake photo of himself carrying a sink into the Oval Office — referencing his famous stunt when he brought a sink to Twitter's headquarters after acquiring the company.
Dan Ives of Wedbush noted that Tesla’s market dominance in the electric vehicle space could be bolstered if Trump eliminates federal rebates and tax incentives for EVs, further benefiting the company.
In the lead-up to Election Day, Musk was a major financial backer of Trump and Republican candidates, spending over $130 million to support the president and down-ballot races. After voting in Texas, Musk flew to Florida to watch the election returns at Trump’s Mar-a-Lago estate.
A photo posted by Musk's PAC showed him alongside Trump and UFC CEO Dana White at the victory celebration.
"Musk is new to politics, but it means a lot for a billionaire and a tech mogul to go all in for President Trump," said Jondavid Longo, Pennsylvania state director for Early Vote Action, a group focused on Republican voter registration.
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