Tesla Inc. (NASDAQ:TSLA) and SpaceX CEO Elon Musk in his latest post alleged that Amazon founder and executive chairman Jeff Bezos predicted President-elect Donald Trump's defeat and advised people to sell their stakes in Musk's companies before the election.
Just learned tonight at Mar-a-Lago that Jeff Bezos was telling everyone that @realDonaldTrump would lose for sure, so they should sell all their Tesla and SpaceX stock
— Elon Musk (@elonmusk) November 21, 2024
What Happened: Musk shared in a post on X that he learned about Bezos' advice to investors during a recent visit to Trump's Mar-a-Lago Club in Florida.
Both Musk and Bezos didn't respond to Benzinga.com to clarify these claims.
Musk has played a significant role in Trump's resurgence, not only by investing millions into Trump's campaign but also by acting as a policy advisor and promoter. X (formerly Twitter), which is Musk's social media platform also aided the campaign by promoting the Make America Great Again or MAGA movement.
On the contrary in October, the Washington Post owner Bezos blocked the publication's endorsement of any U.S. presidential candidate citing concerns about objectivity. The newspaper in 2016 and again in 2020 endorsed Trump's election opponents, Hillary Clinton and President Joe Biden.
Also read: Peter Thiel Says Elon Musk's Support For Trump Paved The Way For Other Silicon Valley Leaders To Back Him: 'Incredibly Courageous'
Why It Matters: As president-elect Trump has emerged victorious in the elections, he has appointed Elon Musk along with Republican politician Vivek Ramaswamy as the co-heads of the newly proposed task force DOGE or the Department of Government Efficiency.
As per the notice shared by Trump, the initiative is expected to focus on dismantling bureaucracy, reducing regulations, and cutting wasteful expenditures. The department is scheduled to complete its work by July 4, 2026, coinciding with America's 250th independence anniversary.
Price Action: Shares of Tesla have risen by 36% to $342.03 apiece since the election on Nov. 5, when the stock closed at $251.44 per share. On the other hand, Amazon.com's shares were also up 1.7% from the election day.
According to Wednesday's close Amazon.com was down 0.85% to $202.88, while Tesla fell by 1.15% to $342.03 per share. This compared to a 0.09% decline in Nasdaq 100 to 20.667 points, according to data from Benzinga Pro.
Read next: Tesla Earnings Will Be Hit Hardest If $7.5K EV Credit Gets Cut By Trump, Warns Gary Black: 'Do The Math'
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