Elon Musk, the multi-billionaire CEO of Tesla (NASDAQ:TSLA) and X and the richest person in the world, is slated to interview former President Donald Trump on X tonight. In advance of the discussion, which is scheduled to take place at 8 p.m. Eastern time, Trump Media & Technology Group (NASDAQ:DJT) stock is trending this morning.
The Trump-Musk interview is slated to be unscripted.
Why the Trump-Musk Interview Could Boost Trump and DJT Stock
Since Vice President Kamala Harris entered the presidential race, Trump has fallen significantly in the polls. In the wake of the latter development, DJT stock has tumbled as well. The stock retreated to $26.21 on Friday from $40.58 on July 15.
Musk endorsed Trump following an unsuccessful assassination attempt on the latter last month. In addition to Musk’s disagreements with Democrats on policy issues, such as unionization, immigration, and taxation, he has taken to the multibillionaire has another key reason to seek to boost Trump in tonight’s interview.
Specifically, the Department of Justice (DOJ) has launched multiple serious investigations into Tesla. One of these probes involves the DOJ’s determination of whether Tesla committed wire and/or securities fraud while promoting its self-driving offerings. Musk has often touted those systems, and Trevor Milton, the former CEO of hydrogen truck maker Nikola (NASDAQ:NKLA), was sentenced to four years of prison after being found guilty of similar charges.
So, with Musk and Democrats clashing and the currently Democrat-led Justice Department potentially heading towards charging Musk with serious crimes, the CEO may look for opportunities to boost Trump tonight. If Musk successfully helps Trump, meaningfully lifting the candidate’s standing in the polls, DJT stock could rally in the near term.
The Price Action of DJT Stock
Heading into today, the shares had retreated 35% in the last month and 49% in the previous three months. However, they were up 50% in 2024.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor held a LONG position in NKLA.
