In a significant market reaction, Tesla's shares climbed over 15% in pre-market trading, reaching $289.44, following Donald Trump's victory in the U.S. presidential election.

The surge came after Trump praised Tesla CEO Elon Musk as a 'genius.' Following Trump's win, Wall Street futures increased, with investors optimistic about the former president's policies, which could benefit companies like Tesla.

Elon Musk and Trump were seen together at an election event in Florida, where Trump lauded Musk's successful ventures, including SpaceX and the Starlink satellite service.

Musk was a vocal supporter of Trump's campaign, with America PAC, linked to Musk, heavily investing in the political campaign.

Analyst Andrea Tueni from Saxobank noted the rise in Tesla’s share price is partly due to Musk's close association with Trump, suggesting potential future benefits for the company.

Trump had proposed placing Musk at the helm of a government commission to cut unnecessary spending, further signaling a strong partnership.