Tesla shares (NASDAQ: TSLA) saw a significant pre-market boost on Wednesday, surging over 12% after Donald Trump secured a presidential victory with 277 electoral votes. This rise follows Elon Musk’s recent quip that he’d be “in glorious trouble” if Trump lost, as Musk has banked on Trump’s favorable stance towards his ventures, particularly with SpaceX.
While Trump’s position on electric vehicles and climate initiatives has been critical, he has been supportive of Musk's achievements, even mentioning Musk in his victory speech, referring to him as “a star.” Analysts speculate that a Trump administration could be beneficial for Tesla, especially for its self-driving initiatives. Wedbush analyst Dan Ives noted that Trump’s presidency could expedite regulatory support for autonomous driving advancements, potentially accelerating Tesla’s Full Self-Driving (FSD) program goals targeted for 2026-2027.
Tesla, under the previous Biden administration, faced certain challenges, such as being notably excluded from the White House’s EV summit. President Biden had instead publicly credited General Motors CEO Mary Barra for leading the EV shift. A Trump presidency, by contrast, could signal a shift toward Musk’s favor, possibly offering policy support for Tesla’s innovative projects.
As of the latest trading, Tesla shares have risen to $282.43, reflecting a 12.33% increase amid these developments. Investors are watching closely, as Trump’s win might bring about regulatory changes that could significantly benefit Tesla’s growth trajectory.
Tesla 2024 news from TESLARATI
