Elon Musk’s fortune has hit a remarkable milestone, surpassing $300 billion for the first time in nearly three years, fueled by a significant rise in Tesla’s stock. The electric vehicle giant’s market value crossed $1 trillion on Friday, marking its first such achievement since early 2022. The surge in Tesla’s stock follows the victory of Donald Trump in the presidential election, sparking optimism about the future of Musk’s ventures, including Tesla and SpaceX.
Since the election results were finalized on Tuesday, Tesla’s stock has risen by 28%, increasing Musk’s wealth by a staggering $50 billion, bringing his net worth to $313.7 billion. According to the Bloomberg Billionaires Index, no other individual has seen such a dramatic increase in their fortune in recent days.
The boost in Musk’s wealth reflects growing investor confidence in Tesla, driven by strong company performance and the anticipation of positive impacts from Musk’s relationship with the incoming Trump administration. Trump has made several public statements suggesting support for electric vehicles (EVs), potentially reversing plans that would slow their adoption. His backing of SpaceX, Musk’s aerospace company, has also contributed to a boost in investor sentiment, as SpaceX is valued at $82 billion.
Musk, 53, was a prominent supporter of Trump during the 2024 election, campaigning in crucial battleground states and funding events like a $1 million daily sweepstakes aimed at increasing voter turnout. His support peaked on election night when he appeared at Trump’s Mar-a-Lago residence in Palm Beach as an influential advisor.
Musk’s fortune had already been growing before Trump’s victory, notably following Tesla’s strong earnings report in mid-October, which added $34 billion to his net worth in a single day. Tesla’s future remains closely tied to government policies, especially those promoting electric vehicle adoption and autonomous driving technologies.
Musk has expressed hope that, if given a role in Trump’s administration, he could help push for federal approval of autonomous vehicles, a key part of Tesla’s long-term strategy. Although Trump initially suggested slowing the transition to electric vehicles, his stance seemed to shift after receiving Musk’s endorsement. At a rally in Atlanta, Trump said, “I’m for electric cars. I have to be, because Elon endorsed me very strongly.”
Musk’s relationship with Trump continues to play a crucial role in the future of Tesla and SpaceX, as government policies are central to their success.
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