TECH - EXCLUSIVE: Elon Musk Is 'Burning His Own Blue Bridges' By Donating To Trump Says Market Expert | Benzinga
After saying he would not donate to Joe Biden or Donald Trump in the 2024 presidential election, Elon Musk has publicly endorsed Trump and is supporting him with millions of dollars reportedly donated to a political action committee.
The donations and support for Trump have led to some questions from investors and analysts given the former president's past criticism of Musk and the electric vehicle sector.
What Happened: Over the past several months, a relationship between Trump and Musk appears to have gained steam and may have led to the endorsement and reported donations to a new super PAC called America PAC.
Given past criticism of the electric vehicle sector and climate change, some are questioning Musk's reasons for his donation, which became a hot topic on a recent episode of "PreMarket Prep."
Co-host Aaron Bry said blue states (Democrats) are more likely to sign for energy storage initiatives than red states (Republicans), which could hurt a company like Tesla Inc (NASDAQ:TSLA).
Bry said that states could be mad at Musk for his political donations and they could stand in his way and his company's way in the future.
"It does not make sense to me from a business decision," Bry said.
Bry said red states taking money from the oil and gas industry are not going to be that friendly to Tesla and the electric vehicle sector.
"PreMarket Prep" co-host Dennis Dick remarked that this was a valid argument, suggesting Musk might be burning his bridges for the future. He added that Musk likely already has support from blue states for his EV initiatives.
"Burning his own blue bridges to try to pick up the red bridges," Dick said.
Dick said that Musk might be trying to win over everyone and ...