- Elon Musk’s net worth has surpassed $300 billion, according to the Bloomberg Billionaires Index.
- This comes against the backdrop of the significant gains in the stock market achieved by Tesla after Trump’s election victory.
- Tesla reached $1 trillion market cap on Friday.
Elon Musk’s net worth has risen to more than $300 billion as Tesla shares surged after Trump’s election victory earlier this week.
Musk’s wealth stands at $314 billion as of Saturday, an increase of $50 billion since November 5. According to the Bloomberg Billionaires Index.
This makes Musk the only person with a current net worth of more than $300 billion, with Amazon founder Jeff Bezos trailing behind in second place with a fortune of $230 billion, while Meta chief Mark Zuckerberg rounds out the top three with a fortune of $209 billion, according to Bloomberg.
The Tesla CEO’s wealth — which falls short of his record of about $340 billion in 2021 — comes on the heels of a bumper week in the stock market for the company, which has seen its shares rise about 28% since Tuesday’s close.
EV maker on Friday It has reached a market capitalization of one trillion dollars For the first time since April 2022.
Musk was a big supporter of Trump during the last presidential campaign, investing more than $100 million of his own money into super PACs and holding his own rallies to try to get him elected.
It appears that this may be about to pay off for Musk.
A Trump win could greatly benefit Tesla, as the company is better positioned than rivals if Trump withdraws tax breaks and other incentives aimed at boosting electric vehicle sales when he returns to office, Wedbush analyst Dan Ives said in a note this week.
“Tesla has unparalleled scale and scale in the electric vehicle industry, and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled with potentially higher Chinese tariffs that will continue to keep out cheaper Chinese EV companies. ( BYD, Nio, etc.) will likely flood the US market in the coming years.”
Ives called Trump’s victory a “successful race” for the company.
Musk’s other projects, such as his space company SpaceX, could also benefit during Trump’s second term.
Francesco Trippi, a professor of business and public policy at the University of California at Berkeley, previously told BI that a Trump presidency could help the company land major contracts with the Department of Defense.