Shares of billionaire Elon Musk’s Tesla surged 14.62 per cent to $288.38 as of 5:24 a.m. (EST) in the pre-market trading session on Wednesday, November 6, with the expectation of a win for Republican candidate and former US President Donald Trump.

Tesla shares closed at $251.44 in the previous market session. 

Elon Musk has played a key role in supporting Donald Trump throughout his election campaign. The former president also promised to make the billionaire head of a government efficiency commission, as per a Reuters report.

“The market believes a Trump presidency will unleash animal spirits and give a boost to growth in the short-term through some relief on corporate taxes and deregulation,” Frédérique Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia, told Reuters. 

The Tesla stock surge started as Trump was on course to win the US Presidential Elections in 2024.

The shares started gaining momentum after Donald Trump appreciated Elon Musk at an election party in West Palm Beach, Fla., early Wednesday. Trump also claimed himself as the winner at the party, reported the financial news portal Barron’s.

Trump hails Musk

Trump called Musk a “super genius,” and also said, “We have to protect our geniuses—we don’t have that many of them.” 

“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” said Elon Musk in his social media post on the platform X. “America is a nation of builders. Soon, you will be free to build,” he said. 

Trump Media & Technology Group shares also surged 28.46 per cent to $43.40 as of 5:27 a.m. (EST) in the pre-market trading session on Wednesday. The stock closed at $33.94 in the previous market session. 

Donald Trump owns the majority stake in Trump Media & Technology Group. The company’s shares fell to an all-time low in September, but since then, they have tripled in value, driving Trump’s stake to $5 billion, according to the agency report.

On the currency front, the US dollar gained along with the cryptocurrency Bitcoin on Wednesday as Trump made his comeback to the White House after the presidential race with Democratic candidate Kamala Harris.