Net worth For the first time in almost three years, Elon Musk surpassed the USD 300 billion mark. Tesla’s shares continue to rise based on estimates that his close relationship with President-elect Donald Trump will strengthen the company. TASR informs about it based on a Bloomberg report.
Musk’s personal wealth since Trump’s victory grew far more than any other billionaire’s fortune in the Bloomberg index. Tesla shares have jumped 28% since Tuesday, increasing his fortune by $50 billion to $313.7 billion (291.22 billion euros). That’s the mark it last reached in January 2022, according to the Bloomberg Wealth Index. However, it is still below the all-time high of $340.4 billion in 2021.
Trump has openly proposed actions that will benefit Musk’s businesses. He said he would reassess his plans to slow the transition to electric vehicles (EVs) after a boost from the Tesla co-founder before the election. Initially, in his speech at the Republican National Convention in July, Trump announced that he would cancel initiatives to support electric cars, but changed his position a month later. “I’m in favor of electric cars. I have to be because Elon has been a very strong supporter,” Trump said at a rally in Atlanta.
Trump also expressed support efforts by SpaceX, which accounts for $82 billion of Musk’s net worth, to reach Mars. And the president-elect also floated the idea that Musk could have a post in his administration.
“One of the best strategic bets he (Musk) ever made was ultimately this bet on Trump,” stated Wedbush Securities analyst Dan Ives on Bloomberg TV. Even before the election, Musk’s net worth was on the rise. News of Tesla’s strong earnings in mid-October added $34 billion to its fortune in one day.
Most of Musk’s wealth is tied up in Teslathe world’s largest maker of electric vehicles, whose prospects depend heavily on the federal government. Musk said during Tesla’s earnings call last month that he would push for a federal approval process for autonomous vehicles, a central element of the company’s future strategy, if selected for the role in the Trump administration.
