Tesla Shares Surge 15% in Premarket Trading, Adding $120 Billion Following Trump's Election Victory

Nov 6, 2024, 10:20 AM

Tesla shares surged significantly in premarket trading following Donald Trump's victory in the 2024 U.S. presidential election. The electric vehicle company's stock rose by as much as 15%, adding nearly $120 billion to its market capitalization. Investors are optimistic that Tesla, led by Elon Musk, will benefit from Trump's policies, despite concerns that a Trump presidency might negatively impact the broader electric vehicle industry by potentially reducing EV rebates and tax incentives. Analysts suggest that Musk's support for Trump could lead to favorable conditions for Tesla, with some predicting a $40–$50 increase in the stock price. The stock's premarket surge has brought it to new record highs, reflecting strong investor confidence in Tesla's future under the new administration. Earlier, Tesla stock had risen 5% after-hours and later jumped 13.25% to $284, though it faces technical resistance between $292-$300.