The stock of Elon Musk-run Tesla soared almost 15 per cent on Wednesday in early trade on Nasdaq (US time), making it one of the biggest winners in the S&P 500 index.
The EV company's stock jumped 14.5 per cent in early trading to $287.93 a share, as President-elect Donald Trump won on a resounding note and called Musk a "super genius".
The surge added at least $120 billion to Tesla’s stock market value, pushing it above $900 billion for the first time since July 2023, as per reports.
Trump is expected to reduce or eliminate EV purchase tax credits which would help Tesla grow further at scale.
In his victory speech at the West Palm Beach convention centre in Florida, the Republican candidate called the X owner a "super genius".
"Let me tell you, we have a new star. A star is born — Elon,” Trump said. “Musk is a special guy, he's a super genius. We have to protect our geniuses - we don’t have many of them," Trump told his supporters.
The Tesla shares started gaining momentum after Trump hailed Musk.
Meanwhile, the stock of Trump Media & Technology Group also increased over 6 per cent to $35.99 in early trade. Trump owns the majority stake in the group.
Musk has been a stalwart supporter of Trump during the entire presidential campaign. The tech billionaire also congratulated Trump on X. "The people of America gave @realDonaldTrump a crystal-clear mandate for change tonight," he posted amid a record usage of his platform.
"Sure it was a lot of pressure, but it pales by comparison with President @realDonaldTrump, who they tried to kill twice, bankrupt and imprison for eternity," the X owner further said.
"America is a nation of builders. Soon, you will be free to build. The future is going to be fantastic," added the world’s richest man. The tech billionaire donated more than $119 million to America PAC - a political action committee he created to support the former President.
Rs 24000 Cr spend for expansion and development of National Highways in Tripura: MP Biplab Kumar Deb
MP for West Tripura Lok Sabha constituency Biplab Kumar Deb on Wednesday chaired MP’s Road Safety Committee Meeting here at Agartala and reviewed ongoing initiatives and discussed actionable steps to enhance road safety across the region.
BSF seizes drugs valued at Rs 4.41 crore in Tripura
Seizure of varied drugs, arms, ammunition, explosives and exotic animals in different northeastern states by the security forces continues unabated with highly addictive methamphetamine tablets valued at more than Rs 4.41 crore confiscated in Tripura on Wednesday, officials said.
CM Dr Manik Saha seeks financial assistance from Centre to make Tripura self-sufficiency in production of milk, egg, fish and meat
Chief Minister Dr Manik Saha on Wednesday attended a high level task force meeting of the Ministry of Development of North East Region (DoNER) chaired by the Union Minister Jyotiraditya Scindia from Delhi.
CM Dr Manik Saha directs police to take prompt legal action against drug traffickers
Chief Minister Dr Manik Saha on Wednesday chaired a meeting through video conferencing with the District Magistrates and Superintendent of Police of all the eight districts of the state and directed to listen to the people’s grievances and fix them accordingly for the overall development of the state.
Special traffic drive in GB Bazar to control congestion
In a bid to ease traffic congestion and maintain order on the roads, the traffic police conducted a special drive in the GB Bazar area of the capital this morning. The operation focused on removing several motorbikes that were improperly parked, violating traffic regulations.
Showers bring respite from heat in Tripura, Yellow alert issued
After days of oppressive heat, a sudden spell of rain swept across Tripura on Wednesday afternoon, offering much-needed relief to residents. The rainfall comes as the Meteorological Department issues a yellow alert for the next three days.
Tripura CM asks officials to visit rural areas each month and resolve problems swiftly
Tripura Chief Minister Manik Saha on Wednesday instructed the District Magistrates (DMs) and Superintendents of Police (SPs) of each district to visit the rural areas of their respective jurisdictions every month and take prompt action in case of any deficiencies, and resolve the problems that arise.
National Herald case: Congress protests outside ED offices in northeastern states
Congress leaders claimed that through false allegations, the Enforcement Directorate (ED) under the direction of the Central government filed a chargesheet against the party's Parliamentary Party Chairperson Sonia Gandhi and Leader of Opposition (LoP) Rahul Gandhi, among others.