Tesla Shares Continue To Rally In Green As Elon Musk Plans To Move Company From California To Texas

In what appears to be a domino effect after former President Donald Trump's assassination attempt in Pennsylvania, billionaire Elon Musk has been on overdrive, attacking the larger Democratic Party edifice from all sides.

Musk's Staunch Rhetoric

The billionaire, who has grown closer to the American right, and, is shoring up more support on the side with his business decisions as well.

In a recent development, Musk announced that he would be moving the headquarters of his companies, X and SpaceX, from the Democratic state of California to the largely Republican state of Texas.

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Musk took to his X account and said, "Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas."

Musk took to his X account and said, "Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas." | Image: Wikipedia

This was in reference to a new progressive rule implemented by California Governor Gavin Newsom.

This is happening at a time when Tesla shares have made a significant recovery over the past few weeks. The company, which was hit a dip in global demand for electric vehicles, has had its sales and revenue dip.

The company has faced stiff competition from various companies, including traditional players and Chinese companies like BYD and Geely.

Tesla Share Rally In Green

The company's stock recovery has been consistent over the past few trading sessions. In fact, the company even saw a streak of gains across 11 straight trading sessions.

On Tuesday, July 16, before the end of the day's trade, Tesla shares gained 1.55 per cent or USD 3.92, closing for the day at USD 256.56 per share. |

This, however, was stalled by the report of a delay in the scheduled revelation of the company's much-anticipated Robotaxi. These shares have recovered from that position and have gone back to green.

On Tuesday, July 16, before the end of the day's trade, Tesla shares gained 1.55 per cent or USD 3.92, closing for the day at USD 256.56 per share.

In fact, Tesla was the main driver of the largely tech-driven Nasdaq Composite, when even Nvidia shares dropped 1.62 per cent by the end of the day.