On October 17, 2024, SpaceX and Tesla founder Musk participated in a town hall-style meeting at Ridley High School in Folsom, Pennsylvania, to promote early and absentee voting.
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shares Tesla Surges overnight as investors bet on potential Donald Trump An election victory would benefit Musk, the automaker’s chief backer and chief executive.
Tesla shares rose 8% in overnight trading on the Robinhood brokerage platform.
Last month, Musk Donated nearly $75 million to US PACthe super PAC he formed earlier this year to support the Republican nominee.
Trump has promised to appoint Musk as chairman of the Council on Government Efficiency if elected. Speaking at Trump’s Madison Square Garden rally in late October, the SpaceX boss said he could Federal budget slashed by $2 trillion in that role.
“Your money is being wasted and the Department of Government Efficiency is going to fix it,” he told the rally. “We’re going to get the government off your back and out of your wallet.”
TSLA, year to date
The stock has significantly underperformed the broader market this year as of Tuesday’s close, with shares up about 1.2%, compared with the S&P 500’s year-to-date gain of 21.2%.
In regular trading on Tuesday, Tesla shares rose 3.5%, breaking a six-day losing streak.
The move comes despite Trump being seen as unfriendly to clean energy stocks, which include electric vehicle makers like Tesla.
