Tesla shares rise after Elon Musk-backed Donald Trump wins US elections

Tesla shares soared after the victory of Republican candidate and former President Donald Trump in the 2024 US elections whom CEO Elon Musk had personally endorsed.

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By how much did Tesla stock rise?

The after-hours consolidated last trade value of Tesla stock on the Nasdaq hit $258.69, which is a 6.53% or $15.85 rise.

The after-hours high was $265.49 as at 7:36 pm ET.

This comes after Tesla stock closed on the New York Stock Exchange at $251.44, which was a 3.54% or an $8.60 uptick compared to the previous close.

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Elon Musk and Donald Trump

Elon Musk’s support of Donald Trump started officially around late 2022 when Trump announced his candidature in the upcoming elections. This however, came after a relationship which varied on so many levels starting off as Musk being politically neutral, to being critical of Trump, and to endorse him fully.

Musk had also reinstated Trump’s banned X account in the same year right around the time he bought the social media platform. For this, he made a poll which found out 51.8% of the respondents wanted the ban to be removed.

He even donated $43.6 million to his pro-Trump spending group America PAC during just the first half of October, according to federal disclosures.

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