Tesla surges as Trump seen as next U.S. president; Elon Musk hails voters’ clear mandate

Tesla (NASDAQ:TSLA) shares soared 15% to $ 289.19/share premarket on Wednesday as Donald Trump is widely projected to become the next U.S. president, with the EV maker seen as a major beneficiary under Trump’s presidency.

The company’s CEO Elon Musk has arguably been the most prominent Trump backer, spending over $130M on the campaign and constantly voicing his support on social media platform X.

Trump has now leading Vice President Kamala Harris in the race, securing 267 of the 270 electoral votes needed to win the presidency.

Trump has already claimed victory, pledging to help “heal” the country. He also praised Musk in his victory speech, saying, “we have a new star, a star is born: Elon.”

“America is a nation of builders. Soon, you will be free to build,” Musk said in back-to-back posts on X. “The people of America gave Trump a crystal clear mandate for change. The future is gonna be fantastic.”

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