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Businessman Elon Musk's big "bet" on Trump's victory / What the billionaire wins and loses

2024-11-06 20:47:00, Kosova & Bota CNA
Businessman Elon Musk's big "bet" on Trump's victory / What
Elon Musk and Donald Trump

No business leader did more to support former President Donald Trump's candidacy than Elon Musk.

But the billionaire and his business empire face both positive and negative challenges after Trump won the presidency again in Tuesday's election.

Musk has donated nearly $119 million so far to a political action committee he set up to support Trump, according to Federal Election Commission filings. He has appeared with Trump at rallies and hosted an interview with him on 'X', his social media platform.

"He has made a big bet here. He went into the deep end of the pool in this election,” said Daniel Ives, technology analyst at Wedbush Securities.

Earlier Wednesday, investors had already bet that a Trump victory would also be a victory for Musk's main public holding, Tesla ( TSLA ), sending shares of his electric vehicle maker up to 13% on the stock market. open.

That boosted the value of the 411 million Tesla shares that Musk owns outright by more than $13 billion, which works out to be 11,000% more than the $119 million he donated to Trump.

But even from Trump's victory there are risks for Tesla. Much of Musk's massive net worth can be traced to the government support that his companies, such as Tesla and SpaceX, have received over the years.

If Vice President Kamala Harris had won, much of that money would have continued to flow. But even if some government support for electric vehicles is now cut or cut, as is likely with a Trump victory, Musk's fortunes will remain intact.

In fact, Tesla could benefit if government support for EVs ends.





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