Tesla CEO Elon Musk (R) joins former US President and Republican presidential candidate Donald Trump during a campaign rally on October 5, 2024 at the site of his first assassination attempt in Butler, Pennsylvania.
Jim Watson | AFP | Getty Images
Shares of Tesla rose on Monday after reports that President-elect Donald Trump’s transition team is planning to create a federal framework for the U.S. Department of Transportation to regulate self-driving vehicles.
As of 5:43 a.m., Tesla stock rose 8.33 percent in U.S. premarket trading after the release of the report by Bloomberg News, which cited unnamed sources familiar with the matter.
CNBC could not independently confirm the report and has requested comment from the Trump team and the National Highway Traffic Safety Administration, the Department of Transportation unit tasked with overseeing self-driving technologies.
Musk was a central figure in the business world pushing for Trump’s return to the White House ahead of this month’s election. The tech billionaire now stands to capitalize on the close relationship he has forged with the Republican politician, who previously served a presidential term between 2017 and 2021.
Last week, Trump tapped Musk and former Republican presidential candidate Vivek Ramaswamy to lead the newly minted Department of Government Efficiency — or DOGE for short — which he called a government “bureaucracy.” will eliminate “redundant” regulations and reduce “wasteful” spending.
This breaking news story is being updated.
