According to an AFP report, Elon Musk’s firms saw a sharp increase in stock value following the announcement of Donald Trump as the new president of the United States of America. This was due to the tech billionaire’s close ties to the Republican presidential campaign.
Trump lavishly hailed Musk as a “genius” in his victory address, saying, “We have a new star, a star is born: Elon Musk.” He is a wonderful man. Trump described him as a “super genius, a unique individual, and a character.”
In after-hours transactions before to the first bell on Wall Street, Tesla shares surged more than 15% to $289.44, much to the pleasure of investors.
“Trump owes him a lot, and investors are betting that their closeness will turn into something positive for Tesla,” Andrea Tueni, an analyst at Saxobank, told AFP, adding that Tesla’s stock is gaining “because of his special ties with Donald Trump.”
Investor Expectations High
In after-hours transactions before to the first bell on Wall Street, Tesla shares surged more than 15% to $289.44, much to the pleasure of investors.
“Trump owes him a lot, and investors are betting that their closeness will turn into something positive for Tesla,” Andrea Tueni, an analyst at Saxobank, told AFP, adding that Tesla’s stock is gaining “because of his special ties with Donald Trump.”
Musk Role In Trump Office
According to a Bloomberg report, Musk has stated in prior statements on the subject that he can cut about $2 trillion from the federal budget of the US government.
Notably, Trump stated that Musk would be given the so-called “Department of Government Efficiency” if he were re-elected, which would investigate methods of reducing government expenditures, according to Bloomberg. The acronym “DOGE” is interesting because it refers to the cryptocurrency that Musk has frequently promoted on social media.
According to federal data, Musk has spent at least $132 million to elect Trump and other Republicans in 2024, propelling himself to the “upper echelon” of the party, according to Bloomberg.