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Tesla Shares Soar: Musk's Trump Ties Boost Investor Confidence

Folsom, PA, USAWednesday, November 6, 2024

In the night hours, Tesla's stock prices took a leap, thanks to investors' belief that a potential Donald Trump win could benefit Elon Musk, a major supporter and the CEO of the electric car company. The shares saw an 8% increase on the Robinhood trading platform. Musk, who founded both SpaceX and Tesla, had recently donated nearly $75 million to America PAC, a super PAC he created earlier this year to back the Republican candidate.

Trump has promised to make Musk the head of a government efficiency commission if elected. At Trump's rally in Madison Square Garden last month, Musk declared he could slash $2 trillion from the federal budget in this role. "Your money is being wasted, " Musk said, "and the Department of Government Efficiency will fix that. We're going to get the government off your back and out of your pocketbook. "

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