Tesla shares jump 8% in after-hours trading

As of around midnight EST, Tesla was trading at about $272 per share, according to Robinhood.

In late trading on the Nasdaq, shares rose 2.9% to $258.70.

While Trump has expressed hostility to the transition to green energy and electric cars, Musk’s high-profile role could help Tesla.

In recent weeks, Musk has emerged as a massive Trump supporter, having donated at least $132 million to the Trump campaign on Oct. 26, so it might not be too surprising to see Tesla doing well given Trump’s growing road to victory.

Shortly after midnight on Wednesday, Trump had 230 electoral college votes, with Vice President Kamala Harris trailing by 210 votes. But several swing states have yet to be called.

Tesla bulls, including Cathie Wood, chief executive of investment management firm Ark Invest, said they expected big market changes in the wake of the election.

“We expect the election to be a sort of trigger event,” she said in one video posted on X Monday. “There can be a lot of volatility regardless of who wins. But innovation gains traction in tumultuous times. People, businesses, consumers are willing to change the way they do things, move away from inertia and really change their habits. “

Innovation often thrives in uncertain times. As during COVID, tumultuous periods push people and businesses to adapt. Will the election be the next catalyst for change? @CathieDWood discusses the US election and more in the latest In The Know.

— ARK Invest (@ARKInvest) November 4, 2024

Meanwhile, bitcoin is at an all-time high and U.S. stock futures rose late Tuesday night. Trump Media stock also jumped late after trading was halted three times during the regular session on Election Day because the stock price changed too quickly.

Musk’s support for Trump has especially strengthened in the past month. He formed the super political action committee America PAC, which notoriously ran a $1 million-a-day giveaway where voters in swing states could be eligible to win prize money until Election Day if they signed a petition in support of the First and Second Amendments to the Constitution.

The Philadelphia district attorney’s office sought to quash the scheme by suing Musk, alleging the contests violated consumer protection laws and were designed to interfere with the election. But on Monday, a Philadelphia judge let the giveaway continue.

Trump has also promised Musk an appointment as head of a government efficiency commission if elected. During a speech at a Trump rally in late October, Musk claimed he could cut $2 trillion from the federal budget in that role.

“Your money is being wasted and the Department of Government Efficiency will fix it,” he said. “We want to get the government away from you and out of your wallet.”

Follow the results, understand the effects. Read our full US election coverage here.