Tesla (TSLA) stock rose 3% in after-hours trading as election results continued to be reported Tuesday night.
Further results are expected to be announced in the coming hours.
Musk, a tech billionaire who is CEO of Tesla (TSLA) and SpaceX and also the owner of social media platform X (formerly Twitter), announced his support for Trump ahead of the election. It is expressed frankly.
President Trump has said he would consider adding Musk to his cabinet, but the businessman even said he wouldn’t be able to do so “because of everything going on.”
“It’s going to be a very interesting night for Elon Musk,” Intelligent Alpha CEO and founder Doug Clinton told Yahoo Finance’s Market Domination on Tuesday. .
“He clearly made a big bet that the election would go one way,” said Clinton, who is also a managing partner at Deepwater Asset Management. “I think if it goes against him, if Kamala Harris gets elected president, it probably goes against him.”
Tesla could still benefit from Harris’s presidency, given that she could give further tax breaks to electric vehicles as part of Biden’s continued push for green energy. .
As a result, if Trump loses, Clinton said, Musk is likely to “find some way to mend fences.”
“Elon has probably done more in bringing sustainable energy into the market, kind of the mass market, actually in the United States and around the world, probably more than anyone else in the world.” he stated.
Tesla stock has risen about 1% since the beginning of the year.
