Shares of Tesla ( TSLA ) rose 3% in after-hours trading as election results continued to roll in Tuesday evening.
More results are expected to be announced in the coming hours.
Tech billionaire Musk, who is CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support for Trump ahead of the election.
Trump has even said he would consider a Cabinet position for Musk, but that the businessman would likely not be able to serve “with all he has to offer.”
Intelligent Alpha CEO and founder Doug Clinton told Yahoo Finance’s Market Domination on Tuesday that “it will be a very interesting evening for Elon Musk.”
“He’s clearly made a big bet that the election will go one way,” said Clinton, who is also a managing partner at Deepwater Asset Management. “I think if it goes against him — if Kamala Harris is elected president — it will probably be negative for him.”
It’s possible that Tesla could still benefit from a Harris presidency as 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 a way to mend the fences,” Clinton said.
“Elon has probably done more to bring renewable energy to market, kind of mass market, really in the U.S. and globally than anyone else in the world,” he said.
Shares of Tesla are up about 1% since the beginning of the year.
