Trump's triumph in the American election: Elon Musk rejoices at his first White House appearance, Tesla shares surge
Elon Musk's public support for Donald Trump in the 2024 U.S. presidential election marked a significant shift in the tech mogul's political stance. This support, which intensified following the July assassination attempt on Trump, began in early 2024 and culminated in Musk's endorsement and financial backing of the Republican candidate.
Musk met with Trump at Mar-a-Lago in March 2024, expressing a desire for the incumbent President, Joe Biden, to be defeated. After the July attempt on Trump's life, Musk publicly endorsed Trump and supported his choice of JD Vance as running mate. Musk's financial backing extended to Republican Ron DeSantis before he shifted closer to Trump.
Musk's support for Trump also extended internationally, drawing criticism, particularly in Europe, where some considered it foreign interference.
The impact on Tesla has been substantial. Following Musk's July 2024 endorsement of Trump, Tesla's customer loyalty dropped from a peak of 73% in June 2024 to under the industry average at 49.9% by March 2025. Despite a slight recovery to 57.4% by May 2025, the decline correlates with discomfort among Tesla’s largely eco-conscious customer base regarding Musk’s political activism.
Tesla's stock prices, however, have shown some resilience. The company appears to be shifting focus towards autonomous technology and robotics rather than traditional car manufacturing.
Musk's personal reputation has also been affected. His political activities have spurred controversies, such as a class-action lawsuit related to a purportedly rigged $1 million sweepstakes that encouraged voting for Trump. The contest winners were allegedly pre-selected, which undermined Musk’s public image and integrity in that context. Furthermore, Musk's political actions attracted scrutiny and criticism internationally for supporting far-right movements and parties.
In the aftermath of Trump's victory, Musk published a photo montage showing him in the presidential office of the White House. However, a potential close Trump defeat could lead to manipulation claims from Musk, potentially escalating into a situation similar to the Capitol storming.
Musk could benefit from a Trump victory, as he announced in the Q3 conference that he would push for nationwide regulations for the approval of autonomous cars under a new government efficiency agency. The Tesla share rose by around 17 percent in European trading due to the foreseeable Republican victory.
[1] Source: The Verge, TechCrunch, Reuters [2] Source: J.D. Power 2025 U.S. Customer Loyalty Index Study [3] Source: Reuters, Bloomberg [4] Source: The Guardian, CNBC
- Elon Musk's public endorsement of Donald Trump in the 2024 U.S. presidential election was a significant change in his political stance.
- This endorsement intensified following the July assassination attempt on Trump, with Musk supporting the Republican candidate both publicly and financially.
- In March 2024, Musk met with Trump at Mar-a-Lago, expressing his desire to see Joe Biden defeated.
- After the July attempt on Trump's life, Musk also endorsed JD Vance as Trump's running mate.
- Before shifting closer to Trump, Musk had extended financial backing to Republican Ron DeSantis.
- Musk's international support for Trump drew criticism, particularly in Europe, where it was seen as foreign interference.
- Tesla's customer loyalty dropped significantly after Musk's July 2024 endorsement of Trump.
- Tesla’s customer base, which is largely eco-conscious, felt uncomfortable with Musk’s political activism.
- Despite a slight recovery, Tesla’s customer loyalty remains below the industry average.
- Tesla's stock prices, on the other hand, have shown some resilience and are focusing on autonomous technology and robotics.
- The class-action lawsuit related to a purportedly rigged $1 million sweepstakes that encouraged voting for Trump further undermined Musk’s public image and integrity.
- Musk's political actions also attracted scrutiny and criticism internationally for supporting far-right movements and parties.
- A potential close Trump defeat could lead to manipulation claims from Musk, potentially escalating into a situation like the Capitol storming.
- A Trump victory could benefit Musk, as he announced plans to push for nationwide regulations for the approval of autonomous cars.
- The Tesla share rose by around 17 percent in European trading due to the foreseeable Republican victory.
- In education and self-development, Musk emphasizes the importance of lifelong learning, goal-setting, and personal growth.
- Musk is also involved in environmental-science, particularly in the development of renewable-energy technologies.
- His entrepreneurship is not limited to Tesla, as he is also involved in SpaceX, Neuralink, The Boring Company, and other ventures.
- In finance, Musk has various investments, including in startups, real-estate, and wealth-management firms.
- His ventures in business extend to transportation, with Tesla focusing on electric cars and The Boring Company proposing innovative solutions for traffic congestion.
- Musk also has a significant presence in the automotive industry, with Tesla being a major player.
- In manufacturing, Musk's companies are known for their innovative approaches and significant contributions.
- In politics, Musk's support for Donald Trump in the 2024 election has been a topic of much discussion.
- In policy and legislation, Musk often advocates for progressive policies, such as providing grants for renewable energy.
- In social media, Musk is known for his active engagement and has a substantial following on platforms like Twitter.
- In general news, Musk's political activities and business ventures are frequent topics of discussion.
- In crime and justice, Musk's class-action lawsuit related to the purportedly rigged $1 million sweepstakes is an ongoing concern.
- In accidents, car-accidents are a significant risk in the automotive industry, and Tesla has had its share.
- In entertainment, Musk's ventures such as Neuralink and SpaceX capture the public's imagination, blurring the lines between science-fiction and reality.
