Tesla (TSLA) stock rose 3% in after-hours trading as election results continued to pour in Tuesday night.
More results are expected to be announced in the coming hours.
Tech billionaire Musk, who serves as the CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support of Trump ahead of the election.
Trump has even said he would consider a Cabinet position for Musk but that the businessman likely would not be able to serve “with all the things he’s got going on.”
Intelligent Alpha CEO and founder Doug Clinton told Yahoo Finance’s Market Domination on Tuesday that “it will be a very interesting night for Elon Musk.”
“He’s obviously made a really big bet on the election going one direction,” said Clinton, who is also managing partner at Deepwater Asset Management. “I think if it goes against him — if Kamala Harris is elected president — I think it probably is a negative for him.”
It’s possible Tesla could still benefit from a Harris presidency, given she could provide further tax incentives for electric vehicles as part of a continuation of Biden’s green energy push.
As a result, if Trump loses, Musk could likely “find some way to try to mend fences,” Clinton said.
“Elon probably has done more for bringing sustainable energy into the markets, kind of into the mass markets, really in the US and globally than maybe anybody else in the world,” he said.
Tesla shares are up about 1% since the start of the year.
