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Tesla Shares Jump 14% as Trump Appears to Win 2024 US Presidential Race

Tesla's shares surged 14.62% to $288.38 as of 5:24 a.m. (EST) on Wednesday, November 6th. This increase occurred during pre-market trading. The surge followed expectations that Donald Trump is likely to win the 2024 US presidential race. The stock had closed at $251.44 in the previous session.

Billionaire chief executive of Tesla and probably one of the strongest advocates of Donald Trump has promised to name Elon Musk to head a government efficiency commission if elected, said Reuters.

Head of investment strategy at RBC Wealth Management, Frédérique Carrier, said, "The market believes a Trump presidency will unleash growth in the short term by easing corporate taxes and deregulation."

A rally in Tesla Inc. shares started as the president-elect seemed to assert victory in the election. Early Wednesday, after Trump showed praise toward Musk at the election rally in West Palm Beach, Florida, where he proclaimed himself the election winner according to financial site Barron's.

Trump said Musk is a "super genius," and "we have to protect our geniuses don't have that many of them." Musk tweeted, "The people of America gave realDonaldTrump a crystal clear mandate for change tonight. America is a nation of builders. Soon, you will be free to build.".

Trump Media & Technology Group shares increased 28.46% to $43.40 in the pre-market session. The company's stock closed at $33.94 yesterday. Trump owns the majority stake in Trump Media. Since it reached an all-time low in September, the company's stock tripled in value for Trump's personal stake at $5 billion.

The US dollar and Bitcoin rallied following the good presidential comeback of Trump. Trump will win over Kamala Harris, who was projected to be declared as the winner by Fox News, although other networks are yet to do so.

Trump has used this speech to celebrate what he considers an "unprecedented mandate" from the American people. The result would therefore mark a historic political comeback for Trump-a positioning toward the possibility of a second non-consecutive term in the White House.