As of around midnight EST, Tesla was trading at about $272 per share, according to Robinhood. 

In late trading on the Nasdaq, shares were up 2.9% at $258.70.

While Trump has expressed hostility toward transitioning to green energy and electric cars, Musk’s high-profile role could help Tesla.

In recent weeks, Musk has emerged as a massive Trump backer, having donated at least $132 million to the Trump campaign as of Oct. 26, so it may not be that surprising to see Tesla performing well considering Trump’s growing path to victory.

Slightly after midnight on Wednesday, Trump had 230 electoral college votes, with Vice President Kamala Harris trailing behind with 210 votes. But several swing states have yet to be called.  

Tesla bulls, including Cathie Wood, CEO of investment management firm Ark Invest, said to expect major market changes related to the election.

“We do expect the election to be some kind of trigger event,” she said in a video posted on X Monday. “There could be a great deal of volatility no matter who wins. But innovation gains traction during tumultuous times. People, businesses, consumers are willing to change the way they do things, move away from inertia, and really change their habits.”

Innovation often thrives during uncertain times. Just like during COVID, tumultuous periods push people and businesses to adapt. Will the election be the next catalyst for change? @CathieDWood discusses the US election and more in the latest In The Know.

— ARK Invest (@ARKInvest) November 4, 2024

Meanwhile, bitcoin is at a record high, and U.S. stock futures rallied late Tuesday night. Trump Media stock also jumped late after trading was halted three times during the regular session on Election Day because the share price changed too quickly. 

Musk’s backing of Trump has firmed up in the past month in particular. He formed super political action committee America PAC, which infamously ran a $1-million-a-day giveaway in which voters in swing states could be eligible to win the cash prize up until Election Day if they signed a petition in support of the Constitution’s First and Second Amendments.

Philadelphia’s district attorney’s office attempted to squash the scheme by suing Musk, alleging the sweepstakes violated consumer protection laws and was designed to interfere with the election. But on Monday, a Philadelphia judge allowed the giveaway to proceed.

Trump has also promised Musk an appointment as the head of a government efficiency commission if elected. During a speech at a Trump rally in late October, Musk claimed he could cut $2 trillion from the federal budget in that role. 

“Your money is being wasted, and the department of government efficiency is going to fix that,” he said. “We’re going to get the government off your back and out of your pocketbook.”