Tesla CEO is poised to reap the benefits of endorsing Trump, post-election gain comes on the heels of Tesla earnings pop
The world’s richest man keeps getting richer. Elon Musk’s net worth has hit a major milestone, surpassing $300 billion for the first time in nearly three years, Bloomberg reports.
The jump follows growing optimism that President-elect Donald Trump’s administration would provide a favorable environment for Musk’s businesses. For example, Trump has promised to ban self-driving Chinese electric vehicles, a key competitor for Musk’s Tesla robotaxi.
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As of the latest figures, Musk’s wealth has climbed by $50 billion, reaching $313.7 billion, with much of this gain coming from Tesla’s strong performance in the stock market this week. The company’s shares have jumped 28% since Tuesday alone.
The president-elect’s comments about reconsidering his stance on green energy, alongside his open endorsement of Musk’s ventures such as SpaceX, have prompted investors to bet on an even brighter future for Tesla. Trump’s embrace of Musk’s vision, particularly his support for SpaceX’s Mars ambitions and the possibility of Musk assuming a role in the administration has further fueled confidence.
Musk’s political backing of Trump has been substantial, with the Tesla CEO contributing over $130 million to Trump’s campaign and appearing at rallies in key battleground states. His vocal support for the former president has even extended to funding a controversial $1 million per day sweepstakes to engage voters, which has resulted in multiple legal issues.
For Musk, the stakes are high. A closer relationship with the Trump administration could mean looser regulations, faster government contracts, and an overall business climate more conducive to the success of his ventures, including Tesla’s push for autonomous vehicles and SpaceX’s space programs. But the president-elect was known for his high turnover in the White House, with one study putting the rate at 85%. That has some speculating on the depth and longevity of the Musk-Trump relationship and how it could impact Musk’s companies should things turn sour.
