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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.

Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2024/11/06/tesla-shares-soar-12-toward-record-in-premarket-trading-as-trump-wins-election/

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Transcript
00:00Shares of Tesla surged by 12% in pre-market trading Wednesday morning, sending the company's
00:06stock towards a new record after Donald Trump was re-elected as president, while analysts
00:11signaled a Trump victory would likely benefit Elon Musk's firm.
00:16Tesla's shares rose to over $283 as of around 7.10 a.m. Eastern, marking what would be a
00:24new record for the stock, eclipsing a previous high of $273.54 set on Oct. 27.
00:34Trump praised Tesla's chief executive as a supergenius and a new star during his victory
00:39speech early Wednesday, after Musk spent weeks campaigning for Trump throughout Pennsylvania
00:44before Election Day.
00:47Wedbush Securities analyst Dan Ives wrote earlier this year a second Trump presidency
00:52would be an overall negative for the EV industry, though the financial services firm also viewed
00:58it as a huge positive for Tesla because the company has the quote scale and scope that
01:03is unmatched in the industry.
01:06Trump's plan to implement tariffs on Chinese imports would also deter Tesla's Chinese
01:10competitors BYD, which Ives noted overtook Tesla as the world's largest EV maker at
01:16the time, and NIO from quote-unquote flooding the U.S. market over the coming years, Ives
01:23said.
01:25The Tesla CEO poured at least $118 million into his AmericaPak to help support Trump,
01:32meaning Musk was Trump's second-largest backer behind Timothy Mellon.
01:36Musk's AmericaPak also awarded $1 million to voters in swing states through a giveaway
01:42that was briefly paused by a Philadelphia court.
01:46During the election cycle, Musk appeared alongside Trump at multiple rallies and supported his
01:51campaign on social media.
01:54Trump has said he was a big fan of electric vehicles, though he said at an earlier rally
01:58to not bother with the electric and claimed in a March interview that the vehicles cost
02:03too much and all will be made in China.
02:07Musk is the wealthiest person in the world, with a fortune valued at $265.7 billion according
02:14to our latest estimates.
02:16If Tesla's pre-market surge is maintained, the value of Musk's stake, totaling about
02:2113% of the company's outstanding shares, would increase by about $12.1 billion.
02:29For more on this story, check out Tyler Rauch's article in the link in the description.

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