Elon Musk gains $26 billion from Tesla stock surge, raising concerns about his political activism

From CNBC: 2024-10-24 16:43:25

Elon Musk added $26 billion to his fortune after Tesla’s stock surged, making him worth $269 billion. Musk controls 13% of Tesla shares and is also involved with SpaceX, X, and xAI. Tesla’s earnings call revealed profits and Musk’s plans for autonomous vehicles. Musk’s campaigning for Trump has raised legal concerns.

Musk, who called PA the “linchpin” in the election, has been campaigning and offering voter sweepstakes for his pro-Trump PAC. The DOJ warned Musk about potential violations of federal election law. Investors question how Musk’s political activism might affect Tesla’s sales and growth. Musk claims the election is crucial for the U.S.

Tesla’s stock soared 22% after an impressive earnings report highlighted by Musk’s vision for an autonomous future and a ride-hailing service. While Musk’s wealth grows, concerns rise over his political support for Trump and how it might impact Tesla. The importance of the election weighs heavily on Musk and his endeavors.



Read more at CNBC:: Elon Musk $26 billion richer after Tesla stock best day since 2013