Elon Musk’s Fortune Soars $13 Billion After Trump’s Election Win Boosts Tesla Shares

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11 mins ago

11 mins ago

Elon Musk, CEO of Tesla and owner of X (formerly Twitter), saw his net worth soar by approximately $13 billion just hours after Donald Trump’s presidential win. Investors anticipated that Trump’s pro-business approach might favor Tesla, pushing shares up 13% as markets opened on Wednesday, reports CNN. This surge added significant value to Musk’s 411 million Tesla shares, marking a hefty return on his financial support for Trump’s campaign.

According to Federal Election Commission data, Musk has contributed around $119 million to Trump’s campaign via a political action committee, underscoring his commitment to Trump’s victory. Musk’s support extended beyond donations, with an exclusive interview of Trump on X. While Musk’s ventures, including Tesla and SpaceX, have benefited from federal support in the past, Trump’s known skepticism towards electric vehicles (EVs) has raised questions about potential policy shifts.

Trump has voiced concerns that EVs threaten the traditional auto industry, calling them costly and proposing a repeal of “Biden’s EV mandate,” though no such mandate exists. Some analysts, however, believe Tesla could withstand such changes, potentially gaining an edge as competitors face reduced subsidies.
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