Tesla stock price up by 15% after Elon Musk-backed Donald Trump wins US election

“He’s a character. He’s a special guy. He’s a super genius,” Donald Trump said about Musk while addressing his supporters in Florida

Published on: Nov 6, 2024, 20:26:00 IST

By HT News Desk | Edited by Aryan Prakash

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Elon Musk-led Tesla's stock price surged by over 14 per cent on NASDAQ, hours after Donald Trump won the US presidency for a second term. The surge comes after the US president-elect mentioned the billionaire at his victory speech in Florida.

On NASDAQ, Tesla shares were trading at $289.41, up by 15 per cent in early hours. Tesla shares had opened at $284.67 at the opening and reached a day high of $289.59.

“He’s a character. He’s a special guy. He’s a super genius,” Trump said about Musk while addressing his supporters in Florida. “We have to protect our geniuses. We don’t have that many of them," the president-elect added.

ALSO READ: How Indian markets reacted to Donald Trump's win in US elections 2024

“Let that sink in,” Musk said on X, posting a fake photo of himself carrying a sink into the White House’s Oval Office — a nod to when he brought a sink to Twitter headquarters after taking over the social media company.

"Tesla's size gives it a big advantage in the electric vehicle market if, as expected, Trump does away with rebates and tax incentives for EVs," Dan Ives of Wedbush told AP.

ALSO READ: What happens to Donald Trump's criminal cases if he wins US presidential elections 2024

Elon Musk and Donald Trump. (Reuters, AP)

Musk- Trump's biggest supporter

In the run-up to Election Day, Musk spent more than $130 million on Trump and down-ballot Republicans in competitive House races, vaulting him to the highest echelons of donors this election cycle.

According to an AP report, Musk voted in Texas and then flew on his private jet to Florida to watch returns with Trump and his family at Mar-a-Lago.

His PAC posted a photo of him sitting shoulder to shoulder with Trump and Dana White, the chief executive officer of UFC, at the festivities.

“Musk is new to politics, but it means a lot for a billionaire and a tech mogul to go all in for President Trump,” Jondavid Longo, the Pennsylvania state director of Early Vote Action, an organization dedicated to registering Republican voters, told AP.

(With agency inputs)

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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