On Wednesday morning Eastern Time, driven by the news that Trump won the U.S. presidential election, Tesla's stock price hit a record high and currently soared by about 12%, boosting Tesla CEO Elon Musk's wealth by about $15 billion. Musk is a major supporter of Trump. After Trump won the election, Musk said with a smile that "there is no need to consider going to a labor camp."
Analysts believe that given Tesla CEO Musk’s support for Trump, the electric car manufacturer will become one of the main beneficiaries of Trump’s return to the White House.
In the early morning of November 6, local time, Trump delivered a speech at the Palm Beach County Convention Center in Florida, announcing his victory. In Trump’s victory speech, Musk was mentioned 11 times in just 3 minutes. Musk has previously spent more than $132 million in support of Trump's campaign and may hope that the new government will relax supervision of Tesla, especially on autonomous driving technology.