Summary
- Tesla shares rose over 12% in pre-market trading following news of Elon Musk’s gamble on Donald Trump winning the presidency paying off
- Donald Trump secured 277 electoral votes and praised Elon Musk in his victory speech, calling him a star
- Trump has been supportive of Musk’s ventures, particularly SpaceX, despite his critical stance on electric vehicles and climate change
- Tesla faced challenges under the Biden-Harris administration, including not being invited to the White House’s EV summit
- Analysts believe a Trump win will be positive for Tesla’s self-driving program and could accelerate autonomous initiatives
Article
Tesla shares on NASDAQ saw impressive gains in pre-market trading on Wednesday following the news that Donald Trump had won the U.S. presidency. The stock rose by over 12% as investors reacted positively to the outcome of the election. Leading up to the election, Elon Musk had made comments jokingly suggesting that he would be in trouble if Trump did not win, indicating that he had bet on Trump’s victory.
With Trump’s successful election, he expressed support for Elon Musk and his ventures, particularly SpaceX, which he credited for its contributions to the country. During his victory speech in West Palm Beach, FL, Trump referred to Musk as a “star” and acknowledged his achievements. Despite Trump’s stance on electric vehicles and climate change, he has shown appreciation for Musk’s work and achievements, indicating a positive relationship between the two.
In contrast to the Biden-Harris administration’s lukewarm reception of Tesla, Trump’s victory is seen as a positive outcome for the electric vehicle maker. The exclusion of Tesla from the White House EV summit and Biden’s recognition of General Motors CEO Mary Barra over Tesla suggested a lack of support for the company under the previous administration. Analysts, such as Dan Ives from Wedbush, believe that a Trump win will benefit Musk and Tesla, potentially accelerating the company’s self-driving program and other initiatives.
The boost in Tesla’s stock price following Trump’s victory is indicative of investor confidence in the company’s future prospects under the new administration. Analysts predict that Trump’s support for autonomous driving initiatives could further benefit Tesla in the coming years. Tesla’s shares are currently trading at 282.43 per share, representing a significant increase from the previous day’s closing price. Overall, the outlook appears positive for Tesla as it continues to innovate and expand its presence in the electric vehicle market.
In response to the surge in Tesla’s stock price, Teslarati has launched an aftermarket shop catering to Tesla Cyber S3XY enthusiasts. The increased interest in Tesla and its products following Trump’s victory highlights the company’s strong position in the market and the potential for further growth. With ongoing developments in electric vehicles and autonomous driving technology, Tesla remains at the forefront of innovation and is well-positioned to capitalize on future opportunities in the industry. Investors and enthusiasts alike are optimistic about Tesla’s prospects under the new administration and its potential for continued success.
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