Source: Common Dreams
“Donald Trump’s victory in the 2024 presidential election sent shares of Tesla surging as much as 15% Wednesday, propelled by CEO Elon Musk’s prominent role in the Republican’s White House campaign and expectations that the company will benefit from proposed tax cuts and a deregulatory blitz. Trump name-checked Musk, the world’s richest man, during his victory speech Wednesday morning, calling him a ‘super genius.’ Campaign finance records show that Musk — who’s expected to receive a position in the president-elect’s administration, despite massive conflicts of interest — pumped more than $100 million into the 2024 race in support of Trump’s bid for a second term. According to Forbes’ real-time tracker, Musk’s net worth — the bulk of which is tied up in Tesla stock — rose by over $16 billion on Wednesday.” (11/06/24)