As one of Republican candidate Donald Trump’s biggest supporters, Tesla CEO Elon Musk is in the spotlight — and it shows. Tesla shares rose more than 8% in overnight trading on brokerage platform Robinhood, hitting a 52-week high.
As of midnight ET, Tesla was trading at about $272 per share, according to Robinhood.
Shares rose 2.9% to $258.70 in late trading on the Nasdaq.
Mr. Musk’s high-profile role could help Tesla, even though President Trump has expressed hostility to the transition to green energy and electric vehicles.
In recent weeks, Musk has donated at least $132 million to the Trump campaign and emerged as a big supporter of Trump as of Oct. 26, leading to Trump’s rise to victory. Considering the process, Tesla’s strong performance may not be all that surprising.
As of shortly after midnight Wednesday, Mr. Trump had received 230 electoral votes, followed by Vice President Kamala Harris with 210 votes. However, several battleground states have yet to convene.
Tesla bulls, including Cathie Wood, CEO of investment management firm Ark Invest, said they expect big changes in the market related to the election.
“We are hopeful that the election will be some sort of triggering event,” she said in a video posted on X Monday. “Big changes are likely no matter who wins. But innovation gains momentum in turbulent times. People, businesses, and consumers are encouraged to change the way they do things, break away from inertia, and actually change their habits.” I’m trying.”
Innovation often thrives in times of uncertainty. As during the COVID-19 pandemic, turbulent times force people and businesses to adapt. Will the election be the catalyst for the next change? @CathieDWood discusses the US election and more in the latest In The Know.
— ARK Invest (@ARKInvest) November 4, 2024
Meanwhile, Bitcoin is hitting new all-time highs and U.S. stock futures rebounded late Tuesday night. Trump Media shares also spiked late after trading was halted three times during regular trading on election day because the stock price changed too quickly.
Musk’s support for Trump has grown especially strong over the past month. He founded the super political action committee America PAC, which offers a $1 million daily cash prize up until Election Day for voters in battleground states who sign petitions supporting the Constitution’s First Amendment. He is notorious for holding giveaways. and the Second Amendment.
The Philadelphia District Attorney’s Office tried to kill the scheme by suing Musk, saying the sweepstakes violated consumer protection laws and was intended to interfere with elections. But on Monday, a Philadelphia judge allowed the gift to proceed.
President Trump also promised to appoint Musk to chair the Government Efficiency Commission if elected. In a speech at a Trump rally in late October, Musk claimed he could cut $2 trillion from the federal budget by doing his part.
“Your money is being wasted. The Government Efficiency Department will fix that,” he said. “We’ll get the government off your back and out of your wallet.”
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