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Tesla shares rise 14 percent after claims Trump won the election

Nov 7, 2024 10:45 41

Tesla shares rise 14 percent after claims Trump won the election  - 1

Shares of Frankfurt-listed electric car maker Tesla jumped more than 14 percent in open trading on Wednesday after Republican Donald Trump announced victory in the US presidential race. This is reported by Reuters.

Elon Musk, Tesla's largest shareholder, supported Trump throughout his election campaign, investing, according to various sources, more than $100 million. Musk also promoted the former president on his social media platform X.

Trump also said that if he wins, he will create a government efficiency commission headed by Musk.

„It is not yet clear what will happen with the electric car subsidies, there will probably be a more conciliatory policy,” predicted Suzanne Streeter, head of money and markets at Hargreaves Landsown.

Musk is also expected to become an adviser to Trump and have more influence. Late last month, Musk said he expects Tesla car sales to grow 20-30% next year. Shares of the US-listed company were trading at $283 in premarket trading on Wednesday.