As a seasoned gamer with a knack for keeping an eye on the stock market and political happenings, I can’t help but feel a bit perplexed by the recent turn of events. The 2024 presidential election results have left me scratching my head more than completing a challenging level in my favorite game.
The outcomes for the 2024 presidential election have been announced following a close contest between Kamala Harris and Donald Trump. Notably, Elon Musk was among the celebrities who consistently backed Trump during his campaign. With Trump’s projected win now confirmed, Tesla, the automotive company owned by Musk, has experienced an increase in stock value after several media outlets reported on this development.
How Donald Trump’s 2024 presidential election win impacted Tesla stock
Donald Trump was declared the winner of the U.S. presidential election, making him the 47th President of the country. This victory came after he gathered more than 270 Electoral College votes, outdoing Kamala Harris. Interestingly, Tesla’s stock began to increase on Wednesday, even before the official election results were announced, with Elon Musk being a key figure in this context.
According to Reuters, an automotive company experienced a 15% increase following multiple news outlets announcing Donald Trump’s early lead in the election. Similarly, Trump Media & Technology Group, Trump’s media business, skyrocketed by 30%. Since reaching their lowest point in late September, their value has nearly tripled, raising Trump’s stake to approximately $5 billion.
Throughout the 2024 presidential race, Elon Musk has consistently been one of Trump’s main supporters. He endorsed Trump on social media platform X (previously known as Twitter) and also established America PAC to financially back Trump’s Republican campaigns. According to BBC reports, Musk contributed over $119 million to political causes through his political action committee during this election cycle.
In his 2024 election victory speech, Trump hailed Musk as a “genius,” stating, “We’ve got a new shining star – Elon.” He went on to say, “He’s an exceptional individual. We sat together tonight. For two weeks, he was in various parts of Pennsylvania, supporting our campaign.
Trump mentioned he had seen the latest SpaceX rocket launch and expressed, “Only Elon could pull this off.” Additionally, during Hurricane Helene, he requested Musk to dispatch Starlink, a communication system, to North Carolina. He reminisced, “It arrived so swiftly, it was astounding. It was fantastic as it saved numerous lives. He saved many lives.” Trump then commented, “He’s a true genius. We must safeguard our brilliant minds. We don’t have many like him.
Originally reported by Shriya Swami on Mandatory.
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2024-11-08 18:10