Tesla Shares Jump Nearly 15 Percent as Stocks Rally After Trump Win

Top 10 gainers in the S&P index saw an increase of more than 13 percent.

SpaceX and Tesla founder Elon Musk awards Kristine Fishell with a $1 million check during the town hall at the Roxain Theater in Pittsburgh on Oct. 20, 2024. Musk donated more than $75 million to America PAC, which he co-founded with fellow Silicon Valley venture capitalists and tech businessmen to support Republican presidential nominee former U.S. President Donald Trump. Michael Swensen/Getty Images

Shares of Elon Musk’s Tesla surged following President-elect Donald Trump’s victory in the 2024 election, with some of the corporations registering abnormally big wins.

Tesla stock rose by 14.75 percent on Wednesday, becoming one of the top 10 gainers of the day in the S&P 500 index. Musk has been a strong Trump backer, throwing his support behind the Republican candidate days after the first failed assassination attempt against the 45th president in Butler, Pennsylvania. Between July and September, Musk donated almost $75 million to support Trump’s bid for the White House.