Tesla shares soar during after-hours trading as a Trump victory appears increasingly likely

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Tesla shares soar during after-hours trading as a Trump victory appears increasingly likely

Fortune11-06

As one of Republican nominee Donald Trump’s biggest supporters, all eyes have been on Tesla CEO Elon Musk—and it shows. Tesla shares surged more than 8%—reaching a 52-week high—in overnight trading on...

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Tesla shares surged more than 8%—reaching a 52-week high—in overnight trading on brokerage platform Robinhood. \nAs of around midnight EST, Tesla was trading at about $272 per share, according to Robinhood. \nIn late trading on the Nasdaq, shares were up 2.9% at $258.70.\nWhile Trump has expressed hostility toward transitioning to green energy and electric cars, Musk’s high-profile role could help Tesla.\nIn recent weeks, Musk has emerged as a massive Trump backer, having donated at least $132 million to the Trump campaign as of Oct. 26, so it may not be that surprising to see Tesla performing well considering Trump’s growing path to victory. \nSlightly after midnight on Wednesday, Trump had 230 electoral college votes, with Vice President Kamala Harris trailing behind with 210 votes. But several swing states have yet to be called.  \nTesla bulls, including Cathie Wood, CEO of investment management firm Ark Invest, said to expect major market changes related to the election.\n“We do expect the election to be some kind of trigger event,” she said in a video posted on X Monday. “There could be a great deal of volatility no matter who wins. But innovation gains traction during tumultuous times. People, businesses, consumers are willing to change the way they do things, move away from inertia, and really change their habits.”\n\nInnovation often thrives during uncertain times. Just like during COVID, tumultuous periods push people and businesses to adapt. Will the election be the next catalyst for change? @CathieDWood discusses the US election and more in the latest In The Know.— ARK Invest (@ARKInvest) \n November 4, 2024\n\nMeanwhile, bitcoin is at a record high, and U.S. stock futures rallied late Tuesday night. Trump Media stock also jumped late after trading was halted three times during the regular session on Election Day because the share price changed too quickly. \nMusk’s backing of Trump has firmed up in the past month in particular. He formed super political action committee America PAC, which infamously ran a $1-million-a-day giveaway in which voters in swing states could be eligible to win the cash prize up until Election Day if they signed a petition in support of the Constitution’s First and Second Amendments. \nPhiladelphia’s district attorney’s office attempted to squash the scheme by suing Musk, alleging the sweepstakes violated consumer protection laws and was designed to interfere with the election. But on Monday, a Philadelphia judge allowed the giveaway to proceed.\nTrump has also promised Musk an appointment as the head of a government efficiency commission if elected. During a speech at a Trump rally in late October, Musk claimed he could cut $2 trillion from the federal budget in that role. \n“Your money is being wasted, and the department of government efficiency is going to fix that,” he said. “We’re going to get the government off your back and out of your pocketbook.”\nThis story was originally featured on Fortune.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}