Tesla Shares Surge 14% After Trump's Election Victory.
Elon Musk’s EV company Tesla’s shares skyrocketed by 14% on November 6, 2024, following Donald Trump‘s victory in the US presidential elections.
Elon Musk, Tesla’s top shareholder, had openly supported Trump throughout his campaign and in his victory speech Trump praised Musk, saying, “We have a new star. A star is born: Elon.” This support and the victory of Trump made Tesla surge its shares to 14% on Wednesday, today.
Musk’s support for Trump was strategic as a Republican win could potentially benefit his business empire. Tesla sells half of all-electric cars in the US and Democrats generally support clean transportation.
Dalal Street parties AHEAD of Wall Street!!
More gains ahead! Dow Futures surge 1,200 points;#tesla is up 13% in pre-market
and risk-on trade is back with a bang!! pic.twitter.com/8ezJTwZJZU— Shail Bhatnagar (@shail_bhatnagar) November 6, 2024
However, if Trump scraps clean-car subsidies, Tesla’s lead over rivals like General Motors might become even more secure.
Tesla’s market value has increased by $300 billion since its April lows and interest in Musk has doubled since he tweeted his support for Trump in July.
Additionally, Tesla has raised wages for employees at its German gigafactory by 4% since November 1, providing permanent jobs to 500 temporary workers.
Also, read| Elon Musk’s Role In The 2024 US Election: A Billion-Dollar Impact
The election outcome may not majorly impact Tesla’s fortunes as Americans are expected to continue buying electric vehicles regardless of the president.
Tesla’s $785 billion market valuation relies heavily on innovations such as robotaxis and humanoid robots. Elon Musk is reportedly looking to expand his business in America and Trump’s victory could facilitate his plans in the US market.
The US election has been a battleground for the tech mogul Elon Musk as he was one of the MVPs who aggressively supported the Republican candidate Donald Trump.
From the beginning of the campaign to the final countdown, Musk has played a crucial role in supporting Trump which has led to various controversies and discussions.
Also, read| Was This The Day America Decided In Favour Of Trump?
