The group's shares jumped in pre-session trading on Wall Street, driven by the billionaire's stated support for Donald Trump.
One victory can hide another. This Wednesday, November 6, Elon Musk saw his foal Donald Trump win the American election ahead of Kamala Harris. Good news for the billionaire, who donated several tens of millions of dollars to the Republican candidate, through his political organization «America PAC». A winning bet for the general manager of a group specializing in electric automobiles, who was pleasantly surprised to see his group's shares jump. In pre-session trading on Wall Street, its shares rose 12.93% (15% according to Bloomberg).
This increase is not an isolated case. It is part of a good dynamic for the American stock indices, which have risen sharply in pre-session trading since the moment Donald Trump claimed victory. The proximity between the two billionaires also played a role. “Tesla’s stock is growing […] due to Elon Musk's privileged ties with Donald Trump. Who “owes him a lot”explains Andréa Tueni, market analyst at Saxobank, to AFP. Investors “bet that” this closeness between the two men “will turn into something positive for Tesla”adds the analysis.
Jacket reversal
If Elon Musk fueled the Trump machine financially and in the media throughout the campaign, the new president-elect has paid it back. During his victory speech on Wednesday, Donald Trump warmly greeted him. “We are together tonight […] He's a character, he's a special guy. He's a super genius.”Trump told the crowd of his supporters. The Republican candidate had already announced during the campaign that he would charge Elon Musk with a «audit» of the government with a view to “reforms” deep.
This proximity first materialized on social networks. By buying Twitter, renamed since On the subject of the electric car, the two men had difficulty converging. Opposed to these vehicles for many years, Trump changed his mind during the campaign out of necessity. “I am in favor of electric cars. I have no choice because as you know, Elon Musk has just given me his support”admitted the New Yorker, during a meeting on August 4, in Georgia.
