Tesla Shares Soar 12% Toward Record In Premarket Trading As Trump Wins Election | Forbes Topline - video Dailymotion

Forbes

Shares of Tesla surged by 12% in premarket trading Wednesday morning, sending the company’s stock toward a new record after Donald Trump was reelected as president, while analysts signaled a Trump victory would likely benefit Elon Musk’s firm.  Read the full story on Forbes: https://www.forbes.com/sites/tylerroush/2024/11/06/tesla-shares-soar-12-toward-record-in-premarket-trading-as-trump-wins-election/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Shares of Tesla surged by 12% in pre-market trading Wednesday morning, sending the company's

00:06stock towards a new record after Donald Trump was re-elected as president, while analysts

00:11signaled a Trump victory would likely benefit Elon Musk's firm.

00:16Tesla's shares rose to over $283 as of around 7.10 a.m. Eastern, marking what would be a

00:24new record for the stock, eclipsing a previous high of $273.54 set on Oct. 27.

00:34Trump praised Tesla's chief executive as a supergenius and a new star during his victory

00:39speech early Wednesday, after Musk spent weeks campaigning for Trump throughout Pennsylvania

00:44before Election Day.

00:47Wedbush Securities analyst Dan Ives wrote earlier this year a second Trump presidency

00:52would be an overall negative for the EV industry, though the financial services firm also viewed

00:58it as a huge positive for Tesla because the company has the quote scale and scope that

01:03is unmatched in the industry.

01:06Trump's plan to implement tariffs on Chinese imports would also deter Tesla's Chinese

01:10competitors BYD, which Ives noted overtook Tesla as the world's largest EV maker at

01:16the time, and NIO from quote-unquote flooding the U.S. market over the coming years, Ives

01:23said.

01:25The Tesla CEO poured at least $118 million into his AmericaPak to help support Trump,

01:32meaning Musk was Trump's second-largest backer behind Timothy Mellon.

01:36Musk's AmericaPak also awarded $1 million to voters in swing states through a giveaway

01:42that was briefly paused by a Philadelphia court.

01:46During the election cycle, Musk appeared alongside Trump at multiple rallies and supported his

01:51campaign on social media.

01:54Trump has said he was a big fan of electric vehicles, though he said at an earlier rally

01:58to not bother with the electric and claimed in a March interview that the vehicles cost

02:03too much and all will be made in China.

02:07Musk is the wealthiest person in the world, with a fortune valued at $265.7 billion according

02:14to our latest estimates.

02:16If Tesla's pre-market surge is maintained, the value of Musk's stake, totaling about

02:2113% of the company's outstanding shares, would increase by about $12.1 billion.

02:29For more on this story, check out Tyler Rauch's article in the link in the description.

Tesla Shares Soar 12% Toward Record In Premarket Trading As Trump Wins Election | Forbes Topline

Category

Transcript

Recommended