Tesla stock soars: Musk’s support for Trump will pay off in the short term
Tesla (TSLA) stock soared after President-elect Donald Trump’s victory, as CEO Elon Musk’s involvement in the US election appeared to be paying off. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, joins Sheena Smith and Madison Mills on Catalyst to discuss the future of Tesla and Musk. “Certainly, Elon will be in the driver’s seat when it comes to access to the White House,” Kawasaki said, adding, “There’s a difference between what’s great for Elon and what’s great for Tesla in some ways. I think so,” he added. “We’ve got so many investigations going on that I think this will at least assuage their anger based on federal regulations,” he said of Tesla, which Trump won. As far as getting things approved like robotaxis, it’s completely useless, and I really think it’s too early to tell if President Trump will reduce subsidies for EVs and this will stop that. I hope that. We don’t want that to happen and cause damage to Tesla and, in turn, damage to the rally. “I’m not going to buy any more[Tesla stock]at this point,” Kawasaki said. “As you know, a few years ago Tesla was in our top position, so we’ve been driving down Tesla’s stock. We made a lot of money. I don’t think the challenges Tesla faces in making fully self-driving a reality will be solved even with Donald Trump in the White House.” He added that his relationship with Trump could distract from his work at Tesla. He said, “If you want to own a Tesla, you should. This is the same thing I’m saying about Bitcoin (BTC-USD). If you want to own Bitcoin, own Bitcoin. “I don’t know what that will do.” (Tesla) is part of the risk bucket of our portfolio, and it’s not the biggest risk that we’re taking on right now. That’s true for things like computer chips like Nvidia (NVDA) because Tesla and Elon are sending all the money. And that’s my current preferred strategy for the market over the next few years. ” For more expert insights and analysis on the latest market trends, check out More Catalysts here. This post was written by Naomi Buchanan.
