On October 5, 2024, Tesla CEO Musk (right) and former US President and Republican presidential candidate Donald Trump participated in a campaign rally held at the site of the first assassination attempt in Butler, Pennsylvania.
Jim Watson | AFP | Getty Images
Tesla shares rose on Monday following reports that President-elect Donald Trump’s transition team plans to make a federal framework for regulating self-driving vehicles a top priority for the U.S. Department of Transportation.
As of 5:43 a.m. ET, Tesla shares rose 8.33% in U.S. pre-market trading after a report by Bloomberg News citing unnamed sources.
CNBC was unable to independently verify the report and has requested comment from the Trump campaign and the National Highway Traffic Safety Administration, the Department of Transportation arm that oversees self-driving technology.
Musk is a central figure in the business community pushing for Trump to return to the White House ahead of this month’s election. The tech billionaire will now benefit from the close relationship he developed with the Republican politician, who served in his first term as president from 2017 to 2021.
Last week, Trump appointed Musk and former Republican presidential candidate Vivek Ramaswamy to lead the newly created Department of Government Effectiveness (“DOGE”), which he said will end government “bureaucracy” and relax “Over-regulation” and cutting “wasteful” spending.
This breaking news story is being updated.
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