According to CNN, Elon Musk fortune surge by $13 billion after confirming Donald Trump as the winner of the Presidential Election. Elon was a key supporter of Donald Trump. Investors predicted that Trump's victory could bring favourable investment potential for Musk's primary product Tesla (TSLA), causing a tremendous share jump to 13% on Wednesday market open.
The response from the market is a significant boost to Elon's 411 Tesla shares by over $13 billion, yielding a return on the $119 million he has reportedly donated to Trump during the presidential campaign. Musk has been a key support to Donald Trump both Financially and otherwise, like interviewing him on his X platforms and generating several polls on X and several more. The Federal Elecetion commission notes that Elon has contributed about $119 million through a political action committee aimed at backing Trump.
Elon Musk has benefited from government support for his products like Tesla and SpaceX but some are speculating that Trumps view on electric cars (EVs) calling it costly and job threatening to the traditional auto industry could pose a challenge. Trump's pledge to repeal what he term "Biden's EV mandate" despite that before now no formal mandate was existing further adds uncertainty.Â
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