Tesla’s stock surged 12% Wednesday morning, propelling the company’s share price and adding nearly $20 billion to Elon Musk’s fortune following Donald Trump’s reelection as president, during which he praised Musk as the world’s wealthiest person.
As of 1:20 p.m. EST, Tesla shares climbed to over $288, surpassing the previous 52-week high of $273.54 set on October 27.
During his early Wednesday victory speech, Trump commended Tesla’s chief executive, calling him a “super genius” and a “new star.” Musk had spent weeks campaigning for Trump throughout Pennsylvania leading up to Election Day.
Wedbush Securities analyst Dan Ives noted earlier this year that a second Trump presidency could present “an overall negative for the EV industry,” though he described it as a “huge positive for Tesla” due to the company’s “unmatched scale and scope” within the industry.
Trump’s plans to impose tariffs on Chinese imports would further hinder Tesla’s Chinese competitors, BYD and NIO, from “flooding the U.S. market over the coming years,” according to Ives. He highlighted BYD’s position as the world’s largest EV manufacturer at the time, having surpassed Tesla.
Musk, with a fortune valued at $284.3 billion, solidified his status as the world’s richest person, after his 13% stake in Tesla appreciated by $19.9 billion, according to our latest estimates.
Musk was a prominent Trump supporter throughout the election campaign, contributing at least $118 million to his America PAC, making him Trump’s second-largest donor after Timothy Mellon. Musk’s America PAC also launched a $1 million giveaway to voters in swing states, briefly paused by a Philadelphia court. Trump, in September, indicated he would create a “government efficiency commission” initially proposed by Musk, who suggested he would lead the agency. Throughout the election cycle, Musk appeared at rallies alongside Trump and supported his campaign on social media.
