Can tesla range expand over night after huge victoty of Trump.Musk was the business magnate who contributed the most to the campaign of former President Donald Trump. However, Trump’s reelection as president on Tuesday presents both advantages and disadvantages for the billionaire and his company empire. According to Federal Election Commission reports, Musk has so far contributed close to $119 million to a political action committee he established in favour of Trump. He has joined Trump at rallies and given him a flattering interview on his social media account, X.
Here, he has placed a large wager. Wedbush Securities tech analyst Daniel Ives said, “He jumped into the deep end of the pool on this election.”
Shares of Musk’s electric vehicle company, Tesla (TSLA), shot up 13% at the start of normal trading and nearly 15% at the end of it as investors wagered early Wednesday that Trump’s victory would also benefit Musk’s largest public asset. As a result, Musk’s 411 million Tesla shares, which he owns wholly, are now worth almost $15 billion, representing a 12,761% return on the $119 million he gave to Trump. Tesla shares, which had previously struggled and were only up 1% for the year through Tuesday’s closing, reached a two-year high.
The government assistance that Musk’s businesses, including SpaceX and Tesla, have gotten over the years is largely responsible for his enormous wealth. Much of the money would still have been flowing even if Vice President Kamala Harris had won. Musk’s fortune will, however, be unaffected even if some government assistance for electric cars is now reduced or eliminated, which is probably the case with Trump’s win. In fact, if the government stops supporting EVs, Tesla might profit.