Tesla CEO Elon Musk is riding high as his net worth soars past $300 billion for the first time in three years, following Donald Trump’s historic victory in the U.S. election. Tesla shares surged as investors anticipated a fruitful Musk-Trump alliance, which is expected to positively impact the company’s performance shortly.
According to Bloomberg, Musk’s fortune has grown more than any other individual’s since the election results were announced. Tesla’s stock jumped 28% after Tuesday’s close, adding $50 billion to Musk’s wealth, bringing his total to $313.7 billion.
Trump has openly expressed support for Musk’s Tesla and Starlink projects. Musk previously indicated he might ease the pace of transitioning to electric vehicles, a decision supported by Trump. The president-elect has also shown backing for SpaceX, which contributes $82 billion to Musk’s fortune, especially in its mission to reach Mars. Additionally, Trump has suggested Musk might take on a new role in his administration as an “efficiency czar.”
“Musk’s investment in the Trump connection is one of the savviest moves he’s made,” said Dan Ives, an analyst at Wedbush Securities, on Bloomberg TV. “Musk is the biggest winner in Trump’s victory.”
Musk played a key role in Trump’s campaign, contributing significantly to Trump’s 2024 race with reported donations of around $132 million for the campaign and related Republican initiatives.
Remarkably, Musk stands alone as the only person with a net worth above $300 billion, a level he last reached in January 2022, as per Bloomberg’s wealth index. However, this is still short of his record high of $340.4 billion set in 2021.
Musk’s net worth had already been on the rise, fueled by robust Tesla earnings in mid-October, which alone added $34 billion to his wealth in a day.
Much of Musk’s fortune is tied to Tesla, the leading electric vehicle manufacturer with substantial future potential linked to government policy. During a recent Tesla earnings call, Musk mentioned that, if appointed to a role in Trump’s administration, he would advocate for a streamlined federal approval process for autonomous vehicles—an essential aspect of Tesla’s future vision.
While Trump initially suggested scaling back electric vehicle programs during his Republican National Convention speech in July, he later revised his stance.
“I’m all for electric cars,” Trump remarked at an Atlanta rally. “I have to be because Elon’s endorsement was very strong.