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Trump's Election Win Boosts Musk's Net Worth By $20.5B, Tesla Shares Surge 13%

Elon Musk’s wealth rose by $20.5 billion, reaching $285.2 billion, after a significant 13% surge in Tesla’s stock following Donald Trump’s presidential election victory. Musk’s endorsement of Trump, along with the rally in US stocks, also boosted other tech billionaires like Jeff Bezos and Larry Ellison.

Trump's Election Win Boosts Musk's Net Worth By $20.5B, Tesla Shares Surge 13%
Trump's Election Win Boosts Musk's Net Worth By $20.5B, Tesla Shares Surge 13%

Tesla CEO Elon Musk saw his wealth rise by $20.5 billion, or 7.73%, reaching a total of $285.2 billion, following Donald Trump’s victorious return to the White House in the 2024 US presidential elections. Musk, a vocal supporter of Trump, attended his rallies and endorsed his candidacy, which seemingly helped boost Tesla’s stock.

On Wednesday, Tesla shares surged by 13%, climbing to $286.10, contributing to the sharp increase in Musk’s fortune. Over the past two days, Tesla’s stock has jumped nearly 18%, while competitors like Rivian, Lucid Group, and NIO saw their shares fall.

Musk’s net worth increase follows a broader surge in wealth for top billionaires after Trump’s victory. Amazon founder Jeff Bezos gained $5.7 billion, pushing his net worth to $222.1 billion, while Oracle’s Larry Ellison saw a rise of $11.4 billion, bringing his total to $220.5 billion. Facebook’s Mark Zuckerberg, however, experienced a slight dip in his wealth by $220 million due to a decline in Meta’s stock, leaving him with a net worth of $197.8 billion.

The US stock market also reacted positively to Trump’s win, with the Dow Jones Industrial Average rising by 3%, or 1,309 points, marking its largest gain since November 2022. Both the S&P 500 and Nasdaq saw significant increases as well, driven by the newfound certainty in the election results, which lifted a cloud of uncertainty hanging over the economy and financial markets.

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