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Tesla Shares Jump 14% to $285 After Trump's Win; Musk Called "Genius" in Speech

Nov 6, 2024, 09:31 AM

Tesla shares surged as much as 14% in pre-market trading to reach $285, hitting a 52-week high, following Donald Trump's election as President of the United States. Investors anticipate that the Trump administration could benefit Tesla and its CEO Elon Musk, a known Trump backer, with potential policy changes such as the fast-tracking of autonomous vehicle regulations. In his election night speech, Trump referred to Musk as a "genius." Analyst Dan Ives of Wedbush Securities termed the scenario a "dream" for Tesla bulls, suggesting that a Trump win could add $40 to $50 to Tesla's stock price and potentially push its market capitalization to $1.5 trillion. The stock's surge added nearly $120 billion to Tesla's market capitalization.