Tesla Stock Rockets To 15-Month High As Trump Praises Musk After Election Win: Retail Feels Supercharged

Tesla ($TSLA) shares surged more than 13% on Wednesday morning to hit a new 52-week high of $289.59 as investors were buoyed by the victory of Republican candidate Donald Trump in the 2024 US election and his praise for CEO Elon Musk, his most prominent corporate supporter.

The electric vehicle giant’s stock was last trading at $284 – a level last seen, over a year ago, in July 2023.

Trump called the founder of Tesla, Boring Co, and SpaceX, a “super genius” and “new star” while addressing his supporters in Florida. 

Wedbush expects Trump’s victory to add $40 to $50 per share to Tesla's stock if autonomous driving is accelerated starting in 2025 and a tailwind for Cybercab.

The brokerage anticipated a "very robust bullish market reaction" on Tesla after Republican candidate Donald Trump’s victory in the 2024 U.S. election before markets opened on Wednesday. 

It noted that a Trump win is a “huge positive” for Tesla while likely being an overall negative for the electric vehicle industry. 

Retail sentiment around the stock on Stocktwits has surged further to ‘extremely bullish’ (85/100) on Wednesday morning accompanied by an uptick in chatter to ‘high’ (60/100).

Users on the platform are optimistic about the company’s performance under Trump’s administration. 

During his campaign, Trump proposed establishing a government efficiency commission led by Elon Musk if he wins. 

In late October, at a Madison Square Garden rally, Musk claimed he may cut $2 trillion from the federal budget in this role.

Tesla's gains in anticipation of Trump winning have pushed its year-to-date performance into positive territory, now up by 14% for the year.

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Read more: Tesla Stock Revs Up Amid US Election Uncertainty, While Rivian And Lucid Lag Ahead Of Earnings: Retail Sees Green