Tesla shares surged 14% on Wednesday after President-elect Donald Trump – whose campaign the electric-car maker’s CEO Elon Musk outspokenly supported – clinched a victory.
Musk’s Tesla soared on Wednesday morning as Trump was projected to win the presidency with 277 electoral votes.
The billionaire tech founder donated millions to a pro-Trump PAC, rallied on the former president’s behalf and swayed Americans to vote early with a $1 million-a-day sweepstakes.
Tesla shares zoomed ahead on Wednesday after President-elect Donald Trump clinched a victory. REUTERS
Tesla shares have risen 15.3% so far this year, including Wednesday’s boost, while the S&P 500 has grown 24.5% in the same period.
Trump has said he would consider ending a tax credit for electric vehicle purchases, which could hamper EV makers’ sales.
