Tesla’s shares rose significantly following Donald Trump's victory in the 2024 US presidential election. Trump, a Republican candidate and former president, received open support from Tesla CEO Elon Musk. After trading hours on Nasdaq, Tesla’s stock reached $258.69, a 6.53% increase, while an after-hours high of $265.49 was observed. This comes after a closing price of $251.44 on the NYSE, marking a 3.54% or $8.60 uptick. Musk’s endorsement for Trump solidified in late 2022, and he contributed $43.6 million to pro-Trump America PAC in October 2024.