Since announcing his $44 billion bid for Twitter, Elon Musk has become more outspoken. He declared his political switch from Democrat to Republican on Wednesday and slammed ESG on the social media platform.
Tesla, however, dropped to its lowest point this year, erasing $12.3 billion from Musk's fortune, while Twitter's slump continued.
The automotive manufacturing company's shares dropped 6.8% on Wednesday after Musk declared his support for Republicans, and the company was dropped from a closely monitored sustainability index, as per a report from Reuters.
Overall, Musk has lost $49 billion since declaring his bid for Twitter last month, due to a drop in the stock market and concerns among Tesla investors about Musk's capacity to afford his proposal, per Bloomberg.
Elon Expects More Political Attacks
In a tweet, Musk claimed that ESG was "a scam" following Tesla's failure to keep its position on an S&P Global index, which monitors companies' environmental, governance, and social standards.
Moreover, the Tesla CEO also predicted that in the upcoming months, "political attacks" on him would "escalate dramatically."
Musk stated in a subsequent tweet that he used to support Democrats because "they were (mostly) the kindness party," but now he altered his stance, per Mint.
According to the Bloomberg Billionaires Index, the fifty-year-old tech magnate is worth $209.9 billion and has lost $60.4 billion this year, trailing only Changpeng Zhao of Binance ($81 billion) and Jeff Bezos ($62 billion).
Musk is also among the business executives that have publicly chastised Biden and his administration.
In the past I voted Democrat, because they were (mostly) the kindness party.
— Elon Musk (@elonmusk) May 18, 2022
But they have become the party of division & hate, so I can no longer support them and will vote Republican.
Now, watch their dirty tricks campaign against me unfold … 🍿
Musk Says He Will Not Fund Republicans
Despite the shift in his preferred political party this coming election, the multi-billionaire entrepreneur said he has no plans to financially support a Republican super PAC in the upcoming U.S. elections, including any rival of President Joe Biden in the 2024 presidential race.
As per a CNBC report, Elon Musk, who is also the CEO of SpaceX, has ruled out supporting such an outside group. Super PACs can spend and raise limitless funds to campaign against their adversaries, making them prominent among the ultra-wealthy who want to do more than meddle in politics.
The multi-billionaire said that he has no plans to create a super PAC. He also said there is "No super PAC anything going on," when he was asked if he has any plans for the November midterm elections.
According to FEC data, tech executives like Sam Bankman-Fried and Peter Thiel have given at least $35 million to super PACs so far in the 2022 election cycle. Thiel and Musk are members of the "PayPal Mafia," a group of executives that aided in the founding of PayPal, a financial technology corporation.
Musk did not reply to follow-up emails on queries if he plans to donate or campaign for any candidates or matters in the upcoming elections, including whether he intends to donate directly to a Republican presidential candidate's campaign.
It is also not clear if he will use his account as a political platform against Biden and the Democrats in the future once Elon Musk buys Twitter, or use his extensive network of business allies to raise funds for the eventual Republican candidate for president.
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