KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Elon Musk cemented his role as a political heavyweight in 2024, donating at least $274 million to support Donald Trump’s successful presidential bid and other Republican efforts. This record-breaking contribution makes Musk the most prolific political donor of the election cycle, far surpassing investor Timothy Mellon, who contributed $197 million.
Massive Contributions Propel Trump’s Campaign
- Musk’s largest donations went to America PAC, the super PAC he founded, which received $238.5 million from him, including $75 million in the campaign’s final weeks.
- America PAC spent $159 million to boost Trump’s campaign, funding canvassing operations and digital ads on platforms like Facebook and Google.
- Musk incentivized voter engagement with daily $1 million giveaways to battleground state voters and smaller rewards for virtual petition signatures promoting free speech and gun rights. These practices prompted legal scrutiny but remained active through Election Day.
Targeting Key Issues
- Musk also gave $20.5 million to RBG PAC, which aimed to align Trump’s stance on reproductive rights with the late Supreme Court Justice Ruth Bader Ginsburg’s views to neutralize a political liability.
Legal and Ethical Challenges
- The U.S. Justice Department flagged concerns over the legality of payments to voters, and a lawsuit in Philadelphia accused Musk of running an “unlawful lottery.” However, these efforts failed to halt the initiatives.
Musk’s Elevated Role in Politics
Musk’s political contributions earned him a place in Trump’s inner circle. He was appointed, alongside entrepreneur Vivek Ramaswamy, to co-lead the Department of Government Efficiency, a committee focused on reducing federal spending and bureaucracy. Musk and Ramaswamy met with lawmakers this week to promote their agenda.
Business Opportunities in Trump’s Term
- SpaceX stands to benefit under Trump’s leadership, with Jared Isaacman, a Musk ally, tapped as the next NASA administrator. SpaceX is one of NASA’s largest partners.
- Tesla, meanwhile, hopes for regulatory approval of autonomous vehicles, a priority identified by Trump’s transition team.
Musk’s wealth, which surged to $361.7 billion after Trump’s victory, continues to fuel his influence in both the political and business arenas. His strategic investments have not only shaped the political landscape but also positioned his companies for potential gains in the incoming administration.
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