Investors believe the Texas-based electric car company will benefit from CEO Musks' support of the president-elect.
Shares in Tesla Inc. jumped as much as 15% early Wednesday as investors bet the company run by Elon Musk is going to be a major beneficiary of Donald Trump ’s return to the White House . Musk, CEO of the Austin -based manufacturer of electric vehicles and batteries, was a prominent supporter of Trump , backing him with more than $130 million and relentless messaging on X, his social media network.
Biden calls out Elon Musk over report that the Tesla and SpaceX CEO worked in the U.S. illegally Tesla’s jump came amid more modest gains in the broader market, which had the S&P 500 up about 2% in late morning trading. The Dow was up about 3% and tech-heavy Nasdaq about 2%. Though Biden-era subsidies for alternative energy and electric vehicles are threatened under Trump, Tesla stands to make significant gains due to its size.
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