Elon Musk’s net worth is rising following Donald Trump’s election victory
Former Council of Economic Advisers Chairman Jason Furman discusses whether President-elect Trump and Elon Musk could cut $2 trillion from the US budget ‘Cavuto: Coast to Coast.’
Tesla CEO Elon Musk’s net worth rose billions of dollars on Wednesday as investors reacted to President-elect Trump’s victory, according to Forbes.
Trump, whom Musk actively supported, was declared the winner overnight, defeating Vice President Kamala Harris.
Tesla’s stock price, in which the billionaire CEO has a 13% stake, has risen by double-digits since trading began on Wednesday.
TESLA STOCK CONTINUES AFTER TRUMP WINS PRESIDENCY
During that meeting, Musk’s fortune increased by $15 billion by mid-afternoon, Forbes reported, and rose to $286 billion as of early morning. Forbes’ real-time tracker revealed that his net worth has increased by more than $20 billion so far on Wednesday.
Elon Musk on stage before former President Trump speaks at a rally at Madison Square Garden in New York on Oct. 27, 2024. (Jabin Botsford/The Washington Post via/Getty Images)
At that level of wealth, Musk remained the richest person in the world and more than $60 billion richer than the second-highest person, Amazon founder Jeff Bezos, according to the outlet.
The optimism for Tesla comes as some see a possible rise for the electric car maker under the Trump administration.
Tesla vehicles are parked at a dealership on May 31, 2024, in Corte Madera, California. (Justin Sullivan/Getty Images)
Major stock indexes — including the Dow Jones Industrial Average, the S&P 500 and the Nasdaq composite — also rose during the day following Election Day.
TRUMP’S WHITE HOUSE WIN SENDS THE DOW UP 1,000 POINTS
Election Day was closely watched by Trump, Harris, business leaders, investors and the general public alike.
On Wednesday morning, Musk shared a photo on X, his social media platform, that showed him talking to Trump at a presidential election night event.
The billionaire CEO tweeted that “the American people gave @realDonaldTrump a clear mandate for change tonight” and that “the future will be bright.”
Elon Musk speaks during Trump’s rally at Madison Square Garden in New York, Oct. 27, 2024. (Angela Weiss/AFP via/Getty Images)
As of early Wednesday afternoon, Trump had won 292 electoral votes and Harris had 226, with three states – Nevada, Arizona and Alaska – still to be called, according to Fox News.
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