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The results of the 2024 presidential election are finally in after witnessing a tight race between Kamala Harris and Donald Trump. Among the celebrities who extended their support to Trump, Elon Musk was one of those who continued to endorse the former president throughout his electoral campaign. Now, the tech mogul’s automotive company, Tesla, has started seeing a stock spike after several news outlets confirmed Trump’s projected victory.
How Donald Trump’s 2024 presidential election win impacted Tesla stock
Donald Trump has won the presidential election, becoming the 47th President of the United States after surpassing 270 Electoral College votes and defeating Kamala Harris. Ahead of the final election results, Elon Musk’s Tesla stock started seeing a surge on Wednesday.
As per Reuters, the automotive company saw a 15% jump after several news outlets reported on Donald Trump’s projected win in the early hours. Besides Tesla, the Republican candidate’s media business, Trump Media & Technology Group, also soared by 30%. They have nearly tripled in value since their all-time lows hit in late September, boosting Trump’s stake to $5 billion.
Musk has been one of Trump’s most important backers throughout the 2024 presidential race. Using the social media platform X (formerly Twitter) to endorse Trump, the tech billionaire also created America PAC to support the Republican’s campaigns. The BBC reported that Musk donated more than $119M through his political action committee this election cycle.
During his 2024 election victory speech, Trump praised Musk as a “genius.” The former president said, “We have a new star, a star is born — Elon.” He continued, “He’s an amazing guy. We were sitting together tonight. He spent two weeks in Philadelphia, in different parts of Pennsylvania, campaigning.”
Trump also recalled watching a recent SpaceX rocket launch and said, “Only Elon can do this.” He also shared that during Hurricane Helene he asked Musk to send the Starlink, a communication system, to North Carolina. Trump remembered, “He had that there so fast, it was incredible. So, and it was great it saved a lot of lives. He saved a lot of lives.” He then said, “He’s [Musk] a super genius. We have to protect our geniuses. We don’t have that many of them.”
Originally reported by Shriya Swami on Mandatory.
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