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.