Elon Musk’s fortune has reached a major milestone, crossing the $300 billion mark for the first time in nearly three years, driven by a surge in Tesla Inc.’s stock. This jump follows growing speculation that his close relationship with President-elect Donald Trump will have a positive impact on his business ventures, particularly Tesla and SpaceX.
Musk’s Wealth Soars with Tesla’s 28% Stock Jump
Since the close of trading on Tuesday, Tesla’s stock has surged by 28%, significantly boosting Musk’s wealth by $50 billion, bringing his net worth to a staggering $313.7 billion. According to the Bloomberg Billionaires Index, no one else has added as much to their personal fortune in recent days as Musk has since Trump’s election victory.
Musk’s rise in wealth is a direct reflection of investor confidence in Tesla, driven by both the company’s strong performance and the growing optimism surrounding Musk’s relationship with the incoming administration.
Trump’s Support: A Boon for Musk’s Businesses
Donald Trump has made several public statements that could benefit Musk’s companies, particularly Tesla and SpaceX. He has suggested revisiting his position on electric vehicles (EVs), potentially reversing plans to slow their adoption, due to Musk’s backing. Trump has also expressed support for SpaceX and its ambitious goal of reaching Mars, which is a key factor in the $82 billion valuation of Musk’s aerospace company.
Moreover, Trump has floated the idea of Musk taking on a high-profile role in his administration as an “efficiency czar,” further cementing the strong ties between the two.
“I think one of the best strategic bets he ever made was ultimately this bet on Trump,” said Dan Ives, an analyst at Wedbush Securities, on Bloomberg TV. “Musk is the big winner in this Trump sweepstakes.”
Musk’s Strategic Involvement in Trump’s Campaign
Musk, 53, was a late but prominent supporter of Trump during the 2024 presidential election campaign. He campaigned alongside Trump in key battleground states, even funding extravagant stunts like a $1 million daily sweepstakes aimed at encouraging voter turnout. Musk’s engagement with Trump reached its peak on election night when he was seen at Mar-a-Lago, Trump’s residence in Palm Beach, as a close advisor and supporter.
Record-Breaking Net Worth, but Not Musk’s Peak
This surge brings Musk’s fortune back above the $300 billion mark, a threshold he last reached in January 2022. However, it’s still short of his all-time high of $340.4 billion, which he achieved in 2021.
Even before Trump’s victory, Musk’s wealth had been growing, especially following Tesla’s strong earnings report in mid-October, which added $34 billion to his fortune in just a single day.
Tesla’s Role in Musk’s Fortune
Tesla continues to play a central role in Musk’s wealth, as the world’s leading electric-vehicle manufacturer. Tesla’s future is deeply tied to government policies, particularly those related to autonomous driving and the broader push for EV adoption.
Musk has expressed hope that if he were to take a role in the Trump administration, he would push for federal approval of autonomous vehicles—an essential part of Tesla’s long-term strategy. Tesla’s success, both in production and innovation, depends heavily on favorable government policies.
Trump’s Changing Position on Electric Vehicles
While Trump initially suggested during his acceptance speech at the Republican National Convention in July that he would slow the move to electric vehicles, his stance appeared to shift after Musk’s endorsement. At a rally in Atlanta, Trump declared, “I’m for electric cars. I have to be, because Elon endorsed me very strongly.”
Musk’s backing of Trump seems to have played a role in the president-elect’s evolving position on EVs, further aligning Musk’s interests with the incoming administration’s policies.
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