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Elon Musk Says Nuclear Plants Must Remain Open. Uranium Stocks Are Surging.

By Angela Palumbo
Aug. 29, 2022 12:18 pm ET

Elon Musk Says he is in favor of nuclear power.

CARINA JOHANSEN / NTB/AFP VIA GETTY IMAGES

Several uranium mining stocks jumped on Monday after Tesla CEO Elon Musk said that countries shouldn’t be shutting down nuclear power plants.

The Tesla CEO said during an energy conference in Norway that he is “pronuclear,” and that the world should continue operating nuclear power plants, The Wall Street Journal reported.

“We should really keep going with the nuclear plants. I know this may be an unpopular view in some quarters. But I think if you have a well-designed nuclear power plant, you should not shut it down, especially right now,” Musk said.

Several uranium miners were trading higher Monday, including NexGen Energy (NXE), which jumped 9.4%; Uranium Energy (UEC), which climbed 13%; Denison Mines (DNN),