Donald Trump will be the 47th president of the United States, the largest economy in the world. The president-elect won a decisive mandate by defeating the democratic nominee and outgoing VP, Kamala Harris.
One of the key elements in the campaigns was the overwhelming and potent presence of Tesla and SpaceX boss Elon Musk.
Elon Musk, The Trump Man
Musk was at the forefront of his campaign ever since the South African-born billionaire endorsed Trump post his attempted assassination in Butler, Pennsylvania.
Trump's victory has therefore rewarded the richest man in the world through the astronomic surge in the value of Tesla. Tesla is the only listed company amongst all of Musk's listed ventures.
Musk's proximity to Donald Trump has been acknowledged by the investors, who have poured their resources into the company's equity, buying them bullishly.
As the results were trickling down and it became more than clear that Trump would eventually return to the Oval Office, the share of Tesla jumped in the pre-market period. |
The shares of the company which had been going through a lull period, found some life in the middle of 2024, as Tesla came out with its robotaxies and also bettered its sales numbers in the recently concluded quarter.
As the results were trickling down and it became more than clear that Trump would eventually return to the Oval Office, the share of Tesla jumped in the pre-market period.
The momentum continued when the regular session started as well.
Tesla's Market Mania
The Elon Musk-led company's shares, which opened at the high of USD 284.67, closed with monumental gains at USD 288.53 per piece.
In the process, the share price rose in value by a monumental 14.75 per cent or USD 37.09. This number is, however, behind the 52-week-high mark of USD 289.59.
These developments come at a time when Tesla's biggest rival, the Chinese company, BYD, overtook Tesla in terms of the cumulative revenue generated.
The Chinese car is one of the biggest worries for Tesla, which could be 'solved' by Trump's proposed 200 per cent tariffs on Chinese imports, especially Chinese EVs.
