Trump claims victory in U.S. presidential election after two outlets project him as winner. Trump-linked stocks jumped in premarket trading. Trump Media stock rallied 60%; Phunware rose over 55%; Rumble gained 20%.

Tesla jumped 12.85% in premarket trading as investors wager the carmaker run by Elon Musk will be a major beneficiary of Republican nominee Donald Trump nearing a second election to the White House.

The Tesla chief executive officer was arguably the most prominent supporter of Trump this election cycle, backing Republicans with more than $130 million in spending. He also was a relentless messenger supporting the GOP and attacking Democrats on X, his social media network.

“The biggest positive from a Trump win would be for Tesla and Musk,” Daniel Ives, a Wedbush Securities analyst, wrote in a report on what a likely victory for the Republican would mean for technology companies. Tesla would be at a competitive advantage over other manufacturers in the event the US reduces tax incentives for electric vehicles, he said.