The stock of Tesla — billionaire Elon Musk’s automotive and clean energy company — rose over 14 percent on Wednesday, November 6, in early trade on Nasdaq (US time), making it one of the biggest winners in the S&P 500 index, as per reports.
The Austin-based multinational saw its stock jump 14.5 percent in early trading to post USD 287.93 a share, just hours after Donald Trump, the Republican candidate, made a stunning comeback to The White House. Trump, who received massive support and endorsement from the world’s richest man, called Musk a “super genius”.
With the surge, at least $120 billion was added to Tesla’s stock market value, taking it over USD 900 billion for the first time since July 2023, according to reports.
Musk is expected to gain more from the Trump win as the US President-elect is likely to bring down EV purchase tax credits, which would help Tesla scale.
Lauding Musk in his victory speech, Trump said, “Let me tell you, we have a new star. A star is born — Elon. Musk is a special guy, he’s a super genius. We have to protect our geniuses – we don’t have many of them,” he said.
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Not just Musk, Trump also benefitted from his own victory as the stock of Trump Media & Technology Group saw a jump. As per reports, it saw a rise over 6 percent to USD 35.99 in early trade. Trump is the majority stake holder in the group.
