On November 6th, Tesla’s stock soared by 15% following the confirmed victory of Republican presidential candidate, former President Donald Trump.

Elon Musk, CEO of Tesla, is considered a key supporter of Trump’s campaign, which has driven investor optimism for Tesla's future growth. On the New York Stock Exchange, Tesla closed at $288.53, up 14.75% ($37.09) from the previous session, peaking at $289.59 intraday.

This closing price marks a new 52-week high and is the highest since July 19 of the previous year, when it reached an intraday high of $299.29. Tesla’s year-to-date returns have risen sharply by 15%, with its stock climbing 3.5% on Election Day, reflecting investors’ expectations of a Trump victory.

To support Trump’s campaign, Musk established and managed a Super PAC named "America PAC," spending at least $132 million, including substantial support for Republican congressional candidates. His efforts, especially his strategic financial moves in key battleground states like Pennsylvania, are credited as pivotal in securing Trump’s victory. Recognizing Musk’s contributions, Trump acknowledged him as a “rising star” and praised him as a “special person” and a “super genius” in his victory speech in Florida.

Trump had previously announced plans to create a government efficiency commission, which he intends to appoint Musk to lead, should he win. This commission would propose reforms aimed at improving government operations.

Investors anticipate that Musk’s dedication to Trump’s campaign could lead to a favorable regulatory environment for Tesla. Analysts expect Musk’s potential role in Trump’s administration to help push for regulatory relief and accelerate projects that have previously encountered hurdles.

Dan Ives, an analyst at Wedbush Securities, noted in a report that “Trump’s victory is a major boost for Tesla and Musk,” predicting that deregulation and a fast-track path for autonomous driving could soon take center stage for investors.