Tesla (TSLA) stock rose by 15 percent on Wednesday after multiple media houses including CWEB called Donald Trump as the winner of the 2024 presidential elections that were held on November 5. President-elect Donald Trump also effusively praised CEO Elon Musk. However, although Tesla stock by 6 percent on Friday, this rise was very monumental for the company as it reached a one trillion dollar market cap.
Musk is already the richest person in the world and by aligning his stars in the election campaign to winner Trump, he and his companies SpaceX, Tesla, X and others are looking to break bigger financial barriers and become still more profitable in the near future.
Trump was all praises for Musk when he addressed the nation from Mar-a-Lago, his resort in Florida. Trump said, “A star is born, Elon.”
Elon Musk spent two weeks campaigning for Donald Trump in Pennsylvania, a swing state that gave Trump a majority as he won both the public as well as the electoral college vote. Elon Musk also donated hundreds of millions in cash (more than $130 million), and through his social media platform X, and enthused a large enough population to swing the vote in favor of Trump.
Elon Musk is expected to reap the benefits of his investment in Trump and at least two companies Tesla and SpaceX will see immense gains. Tesla has already seen its stocks soar despite weaker sales and legal challenges. These issues might not matter as winds of change have reached the federal government and these winds are expected to be favorable for all of Musk’s companies.
SpaceX has already received more than $19 billion from federal agencies such as the NASA, the U.S. Air Force and Space Force since 2008, according to several reports. These funds are expected to increase in the following years.
Elon Musk led xAI is also expected to benefit in the future. As of now OpenAI and Meta AI models have been offered to the defense and other federal departments as Musk’s artificial intelligence models have to catch up with competition. However, there is immense scope for xAI to benefit from the federal government in the near future.
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