US Election Results: With Trump inching towards victory, his backer Elon Musk’s Tesla’s shares soar

Elon Musk has been the single largest contributor and most vocal proponent of Trump’s re-election campaign. He is not only seen on stage at rallies but also offers cash prizes to potential Republican voters. He also used his social media platform X to amplify support for the Trump campaign.

Musk had first endorsed Trump as the Presidential candidate in July 2024, shortly after the assassination attempt. Musk had said that Trump needed to win “to preserve democracy” and suggested Ohio Senator JD Vance as Trump’s potential running mate.

Earlier, Musk also made his debut at a political rally in Butler, Pennsylvania, the site of the assassination attempt. He described himself as “dark MAGA”, alluding to a hardline conservative interpretation of the “Make America Great Again” values that Trump has espoused.

The Wall Street Journal last month uncovered that Elon Musk quietly began extending millions of dollars in donations from 2022 onwards to Republican groups aligned with Trump and former Republican Presidential hopeful, Ron DeSantis.

A quarterly filing with the US Securities and Exchange Commission in October revealed that Musk, the sole donor to America PAC, spent about $75 million to support Trump’s election bid between July and September. The PAC has focused efforts on swing states and initiatives like Musk’s outreach to mobilise undecided voters in the upcoming election. The sway he holds through the ownership of X, and his significant personal wealth, are seen as major assets for the Trump campaign.

source : indianexpress.com