Prominent venture capitalist Naval Ravikant hailed Tesla Inc. CEO Elon Musk as the "real winner," with news of President Joe Biden dropping out from the 2024 election breaking out on X ahead of other platforms.
What Happened: Ravikant, a well-known venture capitalist, made the statement on X, a social media platform. He said, "The real winner in the election is Elon Musk."
The real winner in the election is Elon Musk.
— Naval (@naval) July 23, 2024
He also responded to a comment about Trump's potential return to X, saying, "Trump's continuing commitment to Truth Social is costing him dearly."
Trump's continuing commitment to Truth Social is costing him dearly.
— Naval (@naval) July 23, 2024
This comment comes in the wake of several significant events, including Tesla's earnings report, Musk's endorsement of Trump, and Ravikant's previous support of Musk during a contentious debate over his $56 billion pay package.
Why It Matters: This statement from Ravikant comes after a series of events that have put Musk in the spotlight. Earlier in June, Ravikant threatened to sell all his Tesla holdings if Musk's $56 billion compensation package was not approved. He also pledged to buy more shares if the package was passed.
After a failed assassination attempt on Trump, Musk endorsed the former president, who then praised Musk during a campaign speech in Michigan, calling him "as smart as you get." Trump also softened his stance on electric vehicles, aligning more closely with Musk's interests.
On Sunday, Biden announced his decision to drop out of the presidential race in a letter posted on his official X account, after growing pressure from colleagues in the Democratic party and big-name fundraisers.
Recently, Biden tested positive for COVID-19 and took the opportunity to criticize Musk and other billionaires for allegedly funding Trump's campaign. Biden's comments highlight the ongoing political tension surrounding Musk's involvement in the election.
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