Tesla’s shares surged over 6% after its CEO, Elon Musk, publicly expressed support for former U.S. President Donald Trump following the shooting incident last Saturday.
As of 10:40 a.m. on Monday, Tesla (TSLA) was trading at $265.58 on the New York Stock Exchange, up 6.99% from the previous trading day’s close. This surge came after Musk officially endorsed Trump following an attempted assassination on Saturday.
On X, formerly Twitter, Musk wrote, “I fully endorse President Trump and hope for his rapid recovery, “sharing a video of Trump raising a clenched fist despite bleeding from a wound above his right ear.
He followed up with a more detailed commendation, evoking the image of historical resilience by stating, “Last time America had a candidate this tough was Theodore Roosevelt.”
Following the shooting incident, many foreign media outlets have predicted a higher possibility of Trump winning the election, as the recent incident is expected to unite the Republican party and its supporters as well as the swing voters.
Trump has strongly criticized President Joe Biden’s electric vehicle and green policy, leading to mounting concerns that he will withdraw subsidies and tax benefits for electric cars upon his return to the White House. However, Musk’s support dispersed some of these concerns, contributing to the rise in stock prices.
Last Friday, Bloomberg reported that Musk has committed significant funds to a pro-Trump super PAC. His public endorsement has led to a more positive outlook that Trump’s re-election could be a boon for Tesla.
According to Forbes, investors, in particular, believe that Trump’s proposed tariffs on Chinese imports could help Tesla maintain its leading market share in the domestic EV market. Tesla’s stock price soared over 6%, fell gradually, but closed the day with a gain of over 1%.
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