Shares in Tesla soared in pre-market trading after Donald Trump claimed victory in the US presidential election and hailed the electric car company’s boss Elon Musk as a “genius”, AFP reports.

Tesla shares were up more than 15 per cent at $289.44 in after-hours deals before the opening bell on Wall Street.

Investors welcomed the prospect of a Trump victory as Wall Street futures — bets on what the price of a stock will be at a later date — jumped as the former president appeared poised to defeat Vice President Kamala Harris.

“We have a new star, a star is born: Elon,” Trump said, marvelling at Musk’s SpaceX rocket and the deployment of the Starlink satellite internet service during Hurricane Helene.