On Tuesday's call with Tesla's investors, Musk clarified his support for Trump due to worries about maintaining Tesla's EV market dominance amid increasing competition.
Musk expressed concern over Tesla's falling profits and market share, with increased competition fueled by Biden's Inflation Reduction Act encouraging legacy carmakers to enter the EV market.
Musk believes that a Trump presidency with potential repeal of the Inflation Reduction Act would benefit Tesla long-term by reducing competition and allowing them to regain market dominance.
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