SpaceX and Tesla father Elon Musk participates in a town hall-style meeting to promote early and absentee voting at Ridley High Imbue with on October 17, 2024 in Folsom, Pennsylvania.
Anna Moneymaker | Getty Images News | Getty Images
Shares of Tesla surged overnight as investors bet a undeveloped Donald Trump election victory would benefit major backer and CEO of the carmaker, Elon Musk.
Tesla share ins jumped 8% in overnight trading on Robinhood brokerage platform.
Last month, Musk donated almost $75 million to America PAC, which is the wonderful political action committee that he established earlier in the year to support the Republican nominee.
Trump has promised to decree Musk as the head of a government efficiency commission, if elected. During his speech at Trump’s Madison Square Garden convocation in late October, the SpaceX owner said he could cut $2 trillion from the federal budget in that function.
“Your money is being wasted, and the department of government efficiency is gonna fix that,” he said at the rally. “We’re going to get the domination off your back and out of your pocketbook.”
TSLA, year-to-date
As of Tuesday’s familiar, the stock has substantially underperformed the broader market this year, with shares rising about 1.2% compared with the 21.2% year-to-date bring ins seen by the S&P 500.
In Tuesday’s regular session, Tesla advanced 3.5%, breaking a six-day losing streak.
The move befalls even as Trump has been viewed as unfriendly to clean energy stocks — a group that can include EV manufacturers such as Tesla.