Tesla Up 12% Following Donald Trump’s Victory

Shares of Tesla rose 12% during the pre-market session after Republican candidate Donald Trump defeated Democratic rival Kamala Harris in the hotly contested US presidential elections.

Previously, Tesla CEO Elon Musk has openly backed Trump throughout his election campaign. Musk also donated close to $43.6 million to America Political Action Committee (PAC).

Notably, Trump is willing to appoint Musk to head a government efficiency commission.

Susannah Streeter, who heads money and markets at Hargreaves said, “It's still highly unclear what would happen to subsidies for EVs, it’s likely a more conciliatory policy will be incoming. He's likely to want to keep Elon Musk onside and if the promised government advisory role comes through Musk will wield more influence.”

After winning the elections, Trump thanked Musk in a victory speech in Florida by acknowledging his support during his campaign.

“We have a new star; a star is born: Elon,” Trump said. He added, “He’s an amazing guy. We were sitting together tonight. You know he spent two weeks in Philadelphia, in different parts of Pennsylvania, in different parts of Pennsylvania, campaigning.”