The stock of Elon Musk-run Tesla soared almost 15 per cent on Wednesday in early trade on Nasdaq (US time), making it one of the biggest winners in the S&P 500 index.
The EV company's stock jumped 14.5 per cent in early trading to $287.93 a share, as President-elect Donald Trump won on a resounding note and called Musk a "super genius".
The surge added at least $120 billion to Tesla’s stock market value, pushing it above $900 billion for the first time since July 2023, as per reports.
Trump is expected to reduce or eliminate EV purchase tax credits which would help Tesla grow further at scale.
In his victory speech at the West Palm Beach convention centre in Florida, the Republican candidate called the X owner a "super genius".
"Let me tell you, we have a new star. A star is born — Elon,” Trump said. “Musk is a special guy, he's a super genius. We have to protect our geniuses - we don’t have many of them," Trump told his supporters.
The Tesla shares started gaining momentum after Trump hailed Musk.
Meanwhile, the stock of Trump Media & Technology Group also increased over 6 per cent to $35.99 in early trade. Trump owns the majority stake in the group.
Musk has been a stalwart supporter of Trump during the entire presidential campaign. The tech billionaire also congratulated Trump on X. "The people of America gave @realDonaldTrump a crystal-clear mandate for change tonight," he posted amid a record usage of his platform.
"Sure it was a lot of pressure, but it pales by comparison with President @realDonaldTrump, who they tried to kill twice, bankrupt and imprison for eternity," the X owner further said.
"America is a nation of builders. Soon, you will be free to build. The future is going to be fantastic," added the world’s richest man. The tech billionaire donated more than $119 million to America PAC - a political action committee he created to support the former President.
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