While long-term investors appear to see substantial upside for Tesla from a Trump presidency, we’d be much more circumspect about Tesla stock at current levels.

Tesla stock was up in early trading Wednesday, ahead of the Thanksgiving holiday.Shares of the electric-vehicle maker edged up 0.1% at $338.42 in early trading, while the S&P 500 was down 0.1% and the Dow Jones Industrial Average was up 0.

Yes, Tesla CEO Elon Musk spent considerable effort (and money) helping to elect Trump, becoming a sort of direct advisor to the president elect in the process. That might buy him some influence in a second Trump administration (and seemingly already has) but it's Trump's proposals for the regulatory environment surrounding vehicles and AI — most of which were registered before Musk's campaign involvement — that stand to help his new buddy Elon's car company.