Tesla (TSLA) and X CEO Elon Musk has significantly increased his financial backing of former President Donald Trump's reelection bid, with contributions reaching $132 million total, including $56 million in just the first two weeks of October. This follows Musk's initiative pledging to giveaway $1 million daily to registered voters who sign his super PAC's (political action committee) petition.

Yahoo Finance Washington Correspondent Ben Werschkul analyzes how these substantial donations may be impacting Trump's presidential bid. A recent Yahoo Finance survey asked over 4,000 regular users to gauge whether Musk's campaigning could actually be hurting Trump's reelection efforts.

The Wall Street Journal reported Musk's extensive communications with Russian President Vladimir Putin and Kremlin officials dating back to 2022, according to US and European officials. Warren Strobel, Wall Street Journal national security reporter and co-author, joined Yahoo Finance earlier today to discuss why Musk's relationship and communication channels to Putin could prove to be a "double-edged sword" for the US.

To watch more expert insights and analysis on the latest market action, check out more Market Domination here.

This post was written by Angel Smith