Elon Musk Is Biggest Stock Market Winner After Trump Victory

Shares of Tesla were among the best performing in the market on the day after a sweeping win by Donald Trump in the presidential race.

CEO Elon Musk endorsed Trump and spent millions in backing him during the campaign including a $1 million a day giveaway that his Political Action Committee admitted wasn't random.

Tesla was up 13.5% on Wednesday morning and was the top-performing stock on the tech-heavy NASDAQ stock exchange. I was trading at 284.95 shortly after 11 a.m. after touching its 52-week high earlier in the session.

The markets as a whole were up to record levels.

Musk, who also owns the X social media platform, could be a big financial winner with the new Trump administration.

Trump has promised him an advisory role as some sort of government efficiency czar in charge of finding savings in what Republicans consider to be an oversized federal budget.

Any role for Musk could create questions of conflicts of interest due to government contracts tied to firms he controls, including Space X.

Some lawmakers are concerned that Musk could try to influence government policy to help his companies, NBC News reported. Telsa relies on China for the production of its electric vehicles.