The world’s richest man just got a lot whole lot richer – and he is now set to be one of the most influential figures in Trump’s White House.
As it became clear that Donald Trump was surging to a huge victory over Kamala Harris, Elon Musk took an online victory lap. “Dark MAGA assemble,” he tweeted while attending Trump’s victory party in Florida, later adding: “The future is going to be fantastic.”
Musk spent more than $US130 million to support Trump and other Republicans, although it is already an investment that has repaid itself several times over. Tesla’s shares rose 14 per cent on Wall Street on Wednesday, adding around $US15 billion to Musk’s $US264 billion fortune. Counterintuitively, this could end up benefiting Musk. The Biden administration’s Inflation Reduction Act dangled huge subsidies for US electric car manufacturing, which mainly served to help rivals such as Ford and GM in their efforts to catch Tesla.
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