Tesla Jumps as Musk Seen Winning Under Trump Presidency

Published November 06, 2024

07:47 AM EST

Shares of Tesla are jumping as much as 14% in premarket trading Wednesday on investor bets that the electric vehicle (EV) maker run by Elon Musk will be a major beneficiary of Donald Trump’s return to the presidency.
Tesla CEO Musk, an outspoken Trump backer, is expected to become a prominent adviser to the president and has been constantly tweeting his support.
Tesla's prospects under a Trump presidency are less clear-cut given Trump's pro-tariff stance that may hit China sales and less green-focused initiatives.
Ford and GM shares are also rising Wednesday.

Developers are Crabgrass