Tesla Shares Soar 12% Toward Record In Premarket Trading As Trump Wins Election

By -

 

Election 2024 Trump

Trump praised Elon Musk as a “super genius” for his support throughout his campaign.

Shares of Tesla surged by 12% in premarket trading Wednesday morning, sending the company’s stock toward a new record after Donald Trump was reelected as president, while analysts signaled a Trump victory would likely benefit Elon Musk’s firm.


Key Facts

Tesla’s shares rose to over $283 as of around 7:10 a.m. EST, marking what would be a new record for the stock, eclipsing a previous high of $273.54 set on Oct. 27.

Trump praised Tesla’s chief executive as a “super genius” and a “new star” during his victory speech early Wednesday, after Musk spent weeks campaigning for Trump throughout Pennsylvania before Election Day.

Wedbush Securities analyst Dan Ives wrote earlier this year a second Trump presidency would be an “overall negative for the EV industry,” though the financial services firm also viewed it as a “huge positive for Tesla” because the company has the “scale and scope that is unmatched” in the industry.

Trump’s plan to implement tariffs on Chinese imports would also deter Tesla’s Chinese competitors BYD—which Ives noted overtook Tesla as the world’s largest EV maker at the time—and NIO from “flooding the U.S. market over the coming years,” Ives said.

Forbes Valuation

Musk is the wealthiest person in the world with a fortune valued at $265.7 billion, according to our latest estimates. If Tesla’s premarket surge is maintained, the value of Musk’s stake—totaling about 13% of the company’s outstanding shares—would increase by about $12.1 billion.

Key Background

Musk was among the more prominent supporters of Trump during his election campaign. The Tesla CEO poured at least $118 million into his America PAC to help support Trump, meaning Musk was Trump’s second largest backer behind Timothy Mellon. Musk’s America PAC also awarded $1 million to voters in swing states through a giveaway that was briefly paused by a Philadelphia court. In September, Trump said he would create a “government efficiency commission” first proposed by Musk, who has indicated he would lead the agency. During the election cycle, Musk appeared alongside Trump at multiple rallies and supported his campaign on social media. Trump has said he was a “big fan” of electric vehicles, though he said at an earlier rally to not “bother with the electric” and claimed in a March interview that the vehicles “cost too much” and all will “be made in China.”

Comments

Post a Comment

Popular posts from this blog

Characters In BBC’s Documentary On TB Joshua Unknown To Us – Synagogue Church

By -
Image
  The Synagogue Church of all Nations (SCOAN) has countered the BBC documentary on the late Temitope Babatunde Joshua, known as TB Joshua, founder of SCOAN. SCOAN described the documentary against TB Joshua as unfounded, and that the characters interviewed in the report were unknown to the church. The church, in a statement signed by its Public Affairs Director, Mr Dare Adejumo, said the statement was aimed at disabusing public minds from the report. The News Agency of Nigeria (NAN) recalls that the BBC released a highly controversial and damning documentary on the late TB Joshua on Monday, accusing him of various crimes, including rape, against some members. SCOAN said, “BBC World Services investigative unit, code-named Africa Eye, came out this week with weird and strange episodes of atrocities against the late founder of SCOAN.” It said that to investigate and publish or broadcast reports was a central kernel of journalism, but to do so outside the ethics and fundamental principles
Read more

NBA Suspends Canada’s Joshua Primo For 4 Games For Exposing Himself To Women

By -
Image
  The NBA has suspended former San Antonio Spurs guard  Joshua Primo   for four games   ... after it says it found he exposed his private parts to multiple women. The league announced the ban on Friday morning ... saying an investigation into the free agent revealed he had "engaged in inappropriate and offensive behavior." NBA officials called his actions "conduct detrimental to the league." They did, however, note that they "did not find evidence that he engaged in any sexual or other misconduct apart from these brief exposures." "Primo maintains that his conduct was not intentional," the league said. Dr. Hillary Cauthen , Primo's former therapist, was the first to  bring the allegations  against Primo to light after she claimed last fall that he exposed himself to her on nine separate occasions. Dr. Cauthen's attorney,  Tony Buzbee , alleged the Spurs were aware of Primo's actions, but didn't take action. Cauthen went on to file
Read more

Sky Sports' On-Air Mix-Up: Chelsea Players Mistakenly Introduced as Axel Disasi Instead of Noni Madueke in Carabao Cup Semifinal

By -
Image
 Sky Sports were left red-faced after an on-screen graphic mistakenly introduced Chelsea defender Axel Disasi as Noni Madueke on Tuesday night. The pair were both the scoresheet as the Blues thrashed Middlesbrough 6-1 at Stamford Bridge in the second leg of the Carabao Cup semi-final to boo their place at Wembley. But when Disasi spoke to Sky Sports after the game, an on-screen graphic introduced him as Madueke instead. Madueke is four years younger than his Chelsea teammate, plays in a different role and is English, while Disasi is French. Viewers immediately spotted the mistake and took to social media to flag up the glaring error.  Sky Sports with a huge mistake as that is Axel Disasi, not Noni Madueke,' another added, while a third described the gaffe as a 'howler'. A fourth commented: 'Sky sports calling Disasi Madueke. They’ve done it again.' Disasi scored Chelsea's third goal in the 6-1 rout, converting Raheem Sterling's cross at the far post after th
Read more