Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of Twitter, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. Photo by Reuters
The world’s richest person Elon Musk saw his net worth rising $26.5 billion on the day Donald Trump won the U.S. Presidential Election.
Share of electric car manufacturer Tesla surged 14.7% to the highest in over two years Wednesday, adding 11.6% to its CEO’s wealth, according to the Bloomberg Billionaires Index.
With a net worth of $290 billion, Musk remains the richest person in the world. His wealth has risen nearly 27% so far this year.
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Elon Musk’s net worth. Source: Bloomberg Billionaires’ Index |
Tesla is believed to benefit from Trump’s presidency as the President-elect has promised to make Musk the head of a government efficiency commission.
Musk has been voicing strong support for Trump’s campaign on his social media X and has spent over $130 million on America PAC, a political committee he founded, to help the former president reclaim the White House.
“The biggest positive from a Trump win would be for Tesla and Musk,” Daniel Ives, a Wedbush Securities analyst, wrote in a report to clients as reported by Bloomberg.
He said that if the U.S. reduces tax incentives for electric vehicles, Tesla would gain a competitive edge over other manufacturers.
The automaker posted a year-on-year profit increase of 8% to $2.5 billion in the third quarter, higher than analysts’ expectations.
Tesla’s rivals saw shares tumbling Wednesday. Rivian Automotive lost 10% and Lucid Group dropped 8%.
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