Electric vehicle giant Tesla (TSLA) saw its shares surge 12% Wednesday morning following Donald Trump’s presidential victory, with the stock price climbing past $280 as markets responded to the election outcome and Trump’s favorable comments about CEO Elon Musk.

The stock hit $280 around 10:10 a.m. EST, surpassing its previous record of $273.54 from October 27, as investors digested Trump’s post-victory speech where he called the Tesla chief a “super genius” and “new star.” The rally follows weeks of Musk’s active campaigning for Trump in Pennsylvania leading up to Election Day.

Wedbush Securities analyst Dan Ives previously noted that while a second Trump presidency could present challenges for the broader EV industry, it could prove “a huge positive for Tesla” given the company’s dominant market position. Ives particularly highlighted how potential Trump tariffs on Chinese imports could limit U.S. market access for Tesla’s competitors like BYD and NIO.

The stock surge has significantly impacted Musk’s personal wealth, adding $15 billion to his net worth. The Tesla CEO, who owns approximately 13% of the company’s outstanding shares, now tops the global wealth rankings at $280.3 billion.

The rally comes after Musk emerged as one of Trump’s most prominent supporters during the campaign, contributing $118 million through his America PAC – making him Trump’s second-largest backer behind Timothy Mellon. The PAC notably ran a controversial voter giveaway program in swing states that faced brief legal challenges in Philadelphia.

Looking ahead, markets are closely watching the potential implementation of Musk’s proposed “government efficiency commission,” which Trump has indicated would be led by the Tesla CEO. This partnership marks a significant shift from earlier campaign rhetoric, when Trump had expressed skepticism about electric vehicles, claiming they were too expensive and raising concerns about Chinese manufacturing dominance.

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