Press "Enter" to skip to content

Tesla shares pop as Trump claims victory in 2024 US presidential race

Kawundo.com

Spread the love

(Reuters) -Tesla shares surged 12% in premarket trading on Wednesday as Republican Donald Trump claimed victory in the U.S. presidential race against Democratic Vice President Kamala Harris.

The electric-vehicle maker’s billionaire CEO, Elon Musk, has been an outspoken Trump supporter this year and has endorsed the former president throughout the electoral campaign.

Musk has also promoted the former president on his X social media platform.

Trump has also said he would establish a government efficiency commission headed by Musk, if he wins.

“It’s still highly unclear what would happen to subsidies for EVs, it’s likely a more conciliatory policy will be incoming,” Susannah Streeter, head of money and markets at Hargreaves Landsown.

“He’s likely to want to keep Elon Musk onside and if the promised government advisory role comes through Musk will wield more influence.”

Tesla’s Frankfurt-listed shares also rallied more than 14% on Wednesday.

Late last month, Musk said he expects Tesla vehicle sales to grow 20% to 30% next year. Its U.S.-listed shares were trading at $283 in premarket trading on Wednesday.

(Reporting by Danilo Masoni; Editing by Amanda Cooper and Sriraj Kalluvila)

Brought to you by www.srnnews.com

Follow Kawundo.com on X and Facebook for breaking news on your feed. All day, every day.

Be First to Comment

Leave a Reply

Enable Notifications OK No thanks