Tesla (TSLA) CEO Elon Musk and billionaire hedge-fund manager Bill Ackman, among other business leaders, have taken to X (formerly Twitter) to express support for former President Donald Trump following his assassination attempt on Saturday. Puck News founding partner William Cohan joins Catalysts to discuss the political implications surrounding the corporate world's endorsements after this past weekend's events.

Cohan suggests this public show of support was likely a strategic move by the CEOs, allowing them to "declare their support for Trump without being attacked for it on social media." He notes that this "unfortunate incident" provided them with a "cover" to voice their backing.

Regarding the election outlook, Cohan says: "At this moment, I think the combination of Biden's poor debate performance, his subsequent attempts to rectify that, and this horrible incident over the weekend... most people at this point seem to be resigned to the fact that Trump is going to win. There's going to be a second Trump administration, and there's not much Biden can do about it, unfortunately."

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Angel Smith