Tesla shares rise 8% in after-hours trading

According to Robinhood, Tesla was trading at about $272 per share around midnight EST.

Shares rose 2.9% to $258.70 in late trading on Nasdaq.

While Trump has expressed hostility to the transition to green energy and electric cars, Musk's prominent role could help Tesla.

In recent weeks, Musk has emerged as a major Trump supporter, having donated at least $132 million to the Trump campaign as of October 26. So it's perhaps not so surprising that Tesla is doing well given Trump's growing path to victory.

Shortly after midnight on Wednesday, Trump had 230 Electoral College votes, followed by Vice President Kamala Harris with 210 votes. But several swing states have yet to be called.

Tesla bulls, including Cathie Wood, CEO of investment management firm Ark Invest, said they expect big market changes related to the election.

“We expect the election to be some kind of trigger event,” she said in a video posted on X-Monday. “There could be a lot of volatility no matter who wins. But in turbulent times, innovations become more important. People, businesses and consumers are ready to change the way they work, break away from inertia and truly change their habits.”

Innovation often thrives in uncertain times. Just like during the COVID-19 pandemic, turbulent times force people and businesses to adapt. Will the election be the next catalyst for change? @CathieDWood discusses the US elections and more in the latest In The Know.

— ARK Invest (@ARKInvest) November 4, 2024

Meanwhile, Bitcoin is at a record high and U.S. stock futures rallied late Tuesday evening. Trump Media stock also rose late after trading was halted three times during the regular session on Election Day because the stock price was moving too quickly.

Musk's support for Trump has increased, particularly in the past month. He founded the super-political action committee America PAC, which infamously raffled off a million dollars a day in which voters in swing states could be eligible for the cash prize until Election Day if they signed a petition supporting the First and Second Amendments.

The Philadelphia District Attorney's Office tried to stop the scheme by suing Musk, claiming the sweepstakes violated consumer protection laws and was designed to disrupt the election. But on Monday, a judge in Philadelphia allowed the raffle to go ahead.

Trump has also promised Musk an appointment to head a government efficiency commission if he is elected. During a speech at a Trump rally in late October, Musk claimed he could cut $2 trillion from the federal budget in this role.

“Your money is being wasted and the Ministry of Government Efficiency will fix that,” he said. “We’re going to get the government off your back and out of your wallet.”

Track results and understand impact. Read all of our coverage of the US election here.