Elon Musk’s super PAC declares Trump winner prematurely

In a post on Musk’s social media platform X at 1:26 a.m. ET, the PAC said “BREAKING: Donald Trump has won the 2024 Election.”

Top swing states North Carolina and Georgia were called for Trump, increasing his chances of victory, and Fox News called Pennsylvania for Trump minutes before the America PAC’s post, putting Trump right on the cusp of having enough electoral votes to claim another term as president.

But votes are still being counted in the Keystone State as well as Michigan and Wisconsin, though the so-called blue wall that was key to Kamala Harris’s victory is expected to flip to Trump.

Meanwhile, prediction markets are already pricing nearly 100% odds of a Trump win. And Wall Street has begun anticipating that Trump will return to the White House, sending the dollar, Treasury yields, and bitcoin higher.

Tesla stock is also rallying, as Musk has emerged as a massive Trump backer, having donated at least $132 million to the Trump campaign as of Oct. 26.

Trump has also promised Musk an appointment as the head of a government efficiency commission if elected. During a speech at a Trump rally in late October, Musk claimed he could cut $2 trillion from the federal budget in that role. 

“Your money is being wasted, and the department of government efficiency is going to fix that,” he said. “We’re going to get the government off your back and out of your pocketbook.”