Elon Musk, CEO of Tesla and owner of X (formerly known as Twitter), saw his wealth skyrocket by approximately $13 billion within hours of Donald Trump’s win in the U.S. presidential election. Tesla shares surged 13% at the market’s opening on Wednesday, a response from investors anticipating favorable conditions for Musk’s ventures under Trump’s administration, according to CNN.
The significant stock rally in Tesla’s shares, where Musk holds 411 million, led to an impressive $13 billion boost in his fortune. This gain follows Musk’s reported $119 million donation to Trump’s campaign efforts, signaling his strong financial support for the former president.
Throughout the election, Musk demonstrated public support for Trump, even conducting an interview with him on X. According to Federal Election Commission data, Musk’s contributions reached nearly $119 million through a political action committee backing Trump, solidifying his position as a prominent tech supporter.
However, while Musk’s companies like Tesla and SpaceX have traditionally benefited from government incentives, Trump’s expressed skepticism toward electric vehicles (EVs) raises questions. Trump has previously voiced concerns about EVs, labeling them expensive and a threat to traditional automotive jobs. His promise to repeal what he refers to as "Biden’s EV mandate" – despite no official mandate being in place – introduces potential policy shifts.
Analysts suggest that while federal EV incentives may face cuts, Tesla could maintain its strong market position, potentially even gaining an edge in a lower-subsidy environment if Trump’s policies take effect.
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