In anticipation of a victory for Republican candidate and former US President Donald Trump, shares of billionaire Elon Musk’s Tesla company jumped 14.62% to $288.38 as of 5:24 a.m. (EST) on Wednesday, November 6.
During the previous trading session, Tesla’s stock finished at $251.44.
Throughout Donald Trump’s election campaign, Elon Musk has been a crucial ally. According to a Reuters report, the former president also pledged to appoint the billionaire as the chairman of a government efficiency council.
According to Frédérique Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia, “the market believes a Trump presidency will unleash animal spirits and give a boost to growth in the short-term through some relief on corporate taxes and deregulation,” he told Reuters.
When Trump was expected to win the 2024 US presidential election, Tesla’s stock began to rise.
Following Donald Trump’s praise of Elon Musk at an election party in West Palm Beach, Florida, early on Wednesday, the shares began to rise. According to the financial news website Barron’s, Trump also declared himself the party’s victor.
Trump Hails Musk
Trump said, “We have to protect our geniuses—we don’t have that many of them,” and referred to Musk as a “super genius.”
Elon Musk stated in his social media post on the platform X that “the people of America gave @realDonaldTrump a crystal clear mandate for change tonight.” “America is a building nation. You’ll be able to build soon,” he remarked.
At 5:27 a.m. (EST) on Wednesday, Trump Media & Technology Group shares likewise jumped 28.46% to $43.40 during the pre-market trading session. In the last trading session, the stock finished at $33.94.
The majority of Trump Media & Technology Group is owned by Donald Trump. According to the agency report, Trump’s investment in the company has increased to $5 billion after its shares tripled in value after hitting an all-time low in September.
As Trump returned to the White House following his defeat by Democratic candidate Kamala Harris in the presidential election, the US dollar and the cryptocurrency Bitcoin both saw gains on Wednesday.
Also Read:
- Bitcoin Price Live Today
- ACME Solar Holdings IPO – GMP, price band, things to know
- Equatorial Guinea’s Director General caught in Sex Scandal
- Daylight Savings 2025 – When did it End?
- Chase Oliver, RKF Jr Gain Traction among Voter tired of Trump, Harris choices
Shubhangi Gupta is a distinguished content writer and the visionary founder of The Unpleasant – Acha Nahi Sabse Sacha. With a Master’s degree in Commerce from University of Lucknow, Shubhangi has seamlessly blended her academic background with her passion for reading and writing, embarking on a successful career as a content writer since 2019.
