Shares of Elon Musk-run Tesla jumped nearly 15 percent in early trading on Nasdaq (US time) on Wednesday, making it one of the biggest winners in the S&P 500 index. The EV company's shares jumped 14.5 percent in early trading to $287.93 per share, after President-elect Donald Trump won a landslide victory and called Musk a “super genius.” According to reports, the surge added at least $120 billion to Tesla's stock market value, taking it above $900 billion for the first time since July 2023.
Trump is expected to reduce or eliminate the credit for EV purchases, which would help Tesla catch up in a big way. In his victory speech at the West Palm Beach Convention Center in Florida, the Republican nominee called the Ax owner a “super genius.” “Let me tell you, we have a new star. A star is born – Elon,” Trump said. “Musk is a special guy, he's a super genius. We have to protect our talented people – we don't have a lot of them,” Trump told his supporters. Tesla's The shares started rising.
Meanwhile, shares of Trump Media & Technology Group also rose more than 6 percent to $35.99 in early trading. Trump has a majority stake in this group. Musk has been a staunch supporter of Trump throughout the presidential election campaign. The tech billionaire also congratulated Trump for his ex. “The American people have given @realDonaldTrump a clear mandate for change tonight,” he posted amid record usage of his platform.
“Certainly it was a lot of pressure, but the President
@realDonaldTrump That's a pittance compared to who they tried to kill twice, bankrupt and imprison forever,” the X owner added. “America is a nation of builders. Soon, you'll be free to create. The future is going to be great,” said the world's richest man. This technology billionaire has donated more than $119 million to America PAC. America PAC is a political action committee he created to support the former president.
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