The shares of Tesla, owned by Elon Musk, a Trump ally, jumped nearly 9 percent, reaching a 52-week high—in overnight trading on brokerage platform, Robinhood.
Tesla traded at about $272 per share, according to Robinhood. Trump does not fully support transitioning to green energy and electric cars, but Musk has backed the Republican Party candidate, providing resources throughout his campaign. There are insinuations hat he may be part of Trump’s likely White House team or cabonet.
Cathie Wood, CEO of investment management firm Ark Invest, said there will likely be major market changes related to the election, according to Fortune.
Tesla has however dropped to $251.44 per share as at the time of this report.
Donald Trump will be the next President of the United States as he nears victory in the US election.
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