Former Council of Economic Advisers Chairman Jason Furman discusses whether President-elect Trump and Elon Musk can cut $2 trillion from the US budget in Cavuto: Coast to Coast.
Tesla CEO Elon Musk’s fortune rose by billions of dollars on Wednesday as investors reacted to President-elect Trump’s election win, according to Forbes.
Trump, who Musk strongly supported, was declared the winner overnight, defeating Vice President Kamala Harris.
The stock price of Tesla, of which the billionaire CEO owns a 13% stake, has risen by double-digit percentages since the start of trading on Wednesday.
TESLA shares rise after Trump wins the presidency
Amid this surge, Musk’s wealth had risen by $15 billion by mid-morning. Forbes reportedIt rose to $286 billion as of early afternoon. His net worth has risen by more than $20 billion so far on Wednesday, Forbes’ real-time tracker showed.
Elon Musk on stage before former President Trump speaks at a rally at Madison Square Garden in New York on October 27, 2024. (Jabin Botsford/The Washington Post via/Getty Images)
At this level of wealth, Musk remains richer than anyone else on the planet and more than $60 billion richer than the person with the second-highest net worth, Amazon founder Jeff Bezos, according to the outlet.
The optimism about Tesla comes as some see potential upside for the electric automaker under the Trump administration.
Tesla cars 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, S&P 500, and Nasdaq Composite — also rose during the day after Election Day.
Trump’s White House win sends down 1,000 points
Election Day was closely watched by Trump, Harris, business leaders, investors, and the general public alike.
Early Wednesday, Musk shared a photo on X, the social media platform he owns, that showed him speaking with Trump at the now president-elect’s election night event.
The billionaire CEO tweeted that “the American people gave @realDonaldTrump a clear mandate for change tonight” and that “the future is going to be great.”
Elon Musk speaks during a Trump rally at Madison Square Garden in New York, October 27, 2024. (Angela Weiss/AFP via Getty Images)
As of early Wednesday afternoon, Trump had won 292 electoral votes while Harris had 226, and three states — Nevada, Arizona and Alaska — had yet to vote. According to Fox News.
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