With close ties to the newly elected President of the United States, Donald Trump, Elon Musk’s wealth has exceeded $300 billion, further solidifying his position as the world's richest person.
Following the U.S. presidential election, Elon Musk, CEO of Tesla and SpaceX, has seen his wealth rise past $300 billion, a level it hasn’t reached in nearly three years. According to the Bloomberg Billionaires Index, the surge in Tesla shares following Trump's election is a major factor behind Musk’s rapid wealth increase.
Within days of the election, Musk’s fortune jumped by around $50 billion, reaching $313.7 billion. The 28% rise in Tesla shares has bolstered expectations that Trump’s administration will bring favorable outcomes for Musk’s companies.
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According to Bloomberg, Musk is inching closer to his 2021 record of $340.4 billion. Most of Musk’s wealth is tied to Tesla, the world’s largest electric vehicle producer. After Tesla’s strong financial performance in October, Musk added $34 billion to his wealth in a single day.
Throughout the campaign, Donald Trump indicated policies that would support Musk's ventures. Trump expressed a renewed interest in promoting electric vehicles, and he also voiced his support for SpaceX and its Mars missions.
Wedbush Securities analyst Dan Ives described Musk's support for Trump as a "strategic move," noting that Musk has emerged as one of the biggest winners from Trump's victory. Musk, 53, financially backed campaigns aimed at engaging voters in key states in the final weeks of the election.
