Elon Musk wealth increase after Trump election win. Elon Musk, the CEO of Tesla and owner of X (formerly Twitter), experienced a massive boost in his wealth, gaining approximately $13 billion just hours after Donald Trump secured a win in the U.S. presidential election. This dramatic rise in Musk’s fortune came as Tesla shares surged by 13% at the market’s opening on Wednesday, as reported by CNN.
Investors appear optimistic about how Trump’s presidency could benefit Musk’s ventures, particularly Tesla (TSLA). The soaring share price led to a significant increase in the value of Musk’s 411 million Tesla shares, adding $13 billion to his net worth. This comes after Musk reportedly donated a sizable $119 million to support Trump’s campaign.
Musk has remained a vocal supporter of Trump throughout the election, even conducting a high-profile interview with the former president on his platform, X. According to the Federal Election Commission, Musk has donated nearly $119 million through a political action committee to back Trump’s run, positioning him as one of the most prominent tech industry supporters of the former president.
Despite Musk’s close relationship with government support through Tesla and SpaceX, some speculate that Trump’s approach to electric vehicles (EVs) could present challenges. Trump has openly criticized EVs, calling them expensive and a threat to traditional auto industry jobs. He has also vowed to roll back what he calls “Biden’s EV mandate,” even though no formal mandate currently exists, creating uncertainty in the industry.
However, analysts believe that even if Trump’s policies reduce federal EV subsidies, Tesla could adapt and possibly thrive in a more competitive, lower-subsidy market.
