Donald Trump gave Elon Musk a role in his administration
Tesla Inc (NASDAQ:TSLA) stock has been in focus since Donald Trump's presidential election victory. CEO Elon Musk is a prominent supporter of the president elect, attending his rallies and donating millions to his campaign. Now, Trump has asked Musk to co-lead his new Department of Government Efficiency.
TSLA was last seen up 0.3% to trade at $329.30, eyeing its sixth gain in the last seven sessions. The equity has taken a breather from its Nov. 11, two-year high of $358.64, but has added more than 92% in the last six months and sports a 34.5% year-to-date lead.
Tesla isn't the only electric vehicle (EV) name making headlines today. Rivian Automotive Inc's (NASDAQ:RIVN) joint venture with Volkswagen has increased in size to $5.8 billion, should the negotiated milestones succeed.
RIVN is up 18.2% at $12.52 at last check, on track for its best single-day percentage gain since June. Shares are also trading at their highest level since September and chipping away at their 47.2% year-to-date deficit as they bounce off their lowest level since May.
Options traders are targeting Rivian Automotive stock, with 264,000 calls and 70,000 puts traded so far today, which is seven times the intraday average volume. The most popular contract is the November 13 call, where positions are being bought to open.