Elon Musk’s relationship with President-elect Donald Trump turned out to be an incredible hedge for shares of Musk’s electric-vehicle company Tesla.

Early Wednesday, investors were already betting that Trump’s win will also be a win for Musk’s major public holding, Tesla, sending shares of his electric vehicle maker up an immediate 13% at the

The billionaire owner of Tesla and SpaceX looks ahead to an administration likely to boost his companies and his own political power.