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.
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“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.
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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.