Tesla Shares Surge 9% as Trump’s Cabinet Formation Begins, Boosting Market Confidence in Musk’s AI and Autonomous Projects

Benzinga

Tesla shares rose nearly 9% Monday, boosted by a postelection rally as President-elect Trump, closely aligned with CEO Elon Musk, began forming his cabinet. Wedbush analysts raised their Tesla price target, foreseeing Trump’s White House as pivotal for Tesla’s autonomous and AI initiatives. Musk’s net worth soared past $300 billion, spurred by gains across tech and crypto sectors. Musk could gain billions from new government contracts, in addition to $19 billion already awarded to SpaceX, with federal lawsuits and investigations potentially winding down. Trump hinted Musk could oversee “government efficiency” and included him on a recent call with Ukrainian President Zelenskyy.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Tesla shares rose nearly 9% Monday, boosted by a post-election rally,

00:07as President-elect Trump, closely aligned with CEO Elon Musk, began forming his cabinet.

00:12Wedbush analysts raised their Tesla price target for seeing Trump's White House

00:16as pivotal for Tesla's autonomous and AI initiatives.

00:20Musk's net worth soared past $300 billion, spurred by gains across tech and crypto sectors.

00:26Musk could gain billions from new government contracts,

00:29in addition to $19 billion already awarded to SpaceX,

00:33with federal lawsuits and investigations potentially winding down.

00:37Trump hinted Musk could oversee government efficiency,

00:40and included him on a recent call with Ukrainian President Zelensky.

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