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

In late trading on the Nasdaq, shares rose 2.9% to $258.70.

While Trump has expressed hostility toward the transition to green energy and electric cars, Musk’s high-profile role could help Tesla.

In recent weeks, Musk has emerged as a strong supporter of Trump, having donated at least $132 million to the Trump campaign as of October 26. So it might not be too surprising to see Tesla perform well given Trump’s growing path to victory.

Just after midnight on Wednesday, Trump had 230 votes in the electoral college, while Vice President Kamala Harris trailed with 210 votes. But several swing states have yet to be declared.

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 can be a lot of volatility no matter who wins. But innovation is gaining momentum in tumultuous times. People, businesses and consumers are willing to change the way they do things, move away from inertia and really change their habits.”

Innovation often thrives in uncertain times. Just like during COVID, tumultuous periods force people and companies to adapt. Will the elections 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 an all-time high and U.S. stock futures rose late Tuesday night. Trump Media stock also made a late jump after trading was halted three times during the regular session on Election Day as the stock price moved too quickly.

Musk’s support for Trump has grown stronger, especially in the past month. He formed the super political action committee America PAC, which infamously organized a $1 million a day giveaway where voters in swing states could be eligible to win the cash prize until Election Day if they signed a petition in support of the first constitution. and Second Amendments.

The Philadelphia District Attorney’s Office tried to quash the plan by indicting Musk, saying the sweepstakes violated consumer protection laws and were intended to disrupt the election. But on Monday, a judge in Philadelphia allowed the giveaway to proceed.

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

“Your money is being wasted, and the government’s Department of Efficiency is going to fix that,” he said. “We’re going to get the government off of you and out of your pockets.”

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