AFP – Shares in Tesla soared in pre-market trading yesterday after Donald Trump claimed victory in the United States (US) presidential election and hailed the electric car company’s boss Elon Musk as a “genius”.
Tesla shares were up more than 15 per cent at USD289.44 in after-hours deals before the opening bell on Wall Street.
Investors welcomed the Trump victory as Wall Street futures – bets on what the price of a stock will be at a later date – jumped as Trump defeated Kamala Harris.
Musk shared a photo on his social media platform X showing him with Trump at an election watch party in Florida, and the Republican candidate singled him out during a celebratory speech. “We have a new star, a star is born: Elon,” Trump said, marvelling at Musk’s SpaceX rocket and the deployment of the Starlink satellite internet service during Hurricane Helene.
“He’s an amazing guy,” Trump said. “He’s a character, he’s a special guy, he’s a super genius.”
Musk staunchly supported Trump during the campaign through America PAC, a political action committee that contributed tens of millions of dollars and doled out USD1 million giveaways to registered voters in key states.
“Tesla shares are rising… due to his special ties with Donald Trump,” analyst Andrea Tueni at Saxobank, told AFP.
Trump, Tueni said, “owes him a lot”.
