As expectations of a win for Republican candidate and former US President Donald Trump sank in, shares of billionaire Elon Musk's Tesla surged 14.62 per cent to $288.38. Elon Musk has played a key role in supporting Donald Trump throughout his election campaign. The president-elect also promised to make the billionaire head of a government efficiency commission.
The shares started gaining momentum after Donald Trump appreciated Elon Musk at an election party on early Wednesday.
Trump called Musk a “super genius,” and also said, “We have to protect our geniuses—we don’t have that many of them.”
“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” said Elon Musk in his social media post on platform X. “America is a nation of builders. Soon, you will be free to build,” he said.
Trump Media & Technology Group shares also surged 28.46 per cent to $43.40 in the pre-market trading session on Wednesday. The stock closed at $33.94 in the previous market session.
Donald Trump owns the majority stake in Trump Media & Technology Group. The company's shares fell to an all-time low in September.
However, since then, they have tripled in value, driving Trump's stake to $5 billion.
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