Post Donald Trump's victory, Elon Musk gains $13 billion in a day, reaches $300 billion net worth 每 here's how
Elon Musk's net worth reached $300 billion after Tesla's market value surged past $1 trillion, driven by a rally following Donald Trump's election win. This increase in Tesla's stock boosted Musk's wealth by $13 billion, solidifying his position as the world's richest person.
It's not just Donald Trump who has gained from Elon Musk's support〞it's vice versa as well. Just days after Election Day, Musk's net worth soared to $300 billion, thanks to a surge in Tesla's market value, as reported by Forbes.
On Friday, Tesla's market value surpassed $1 trillion for the first time since early 2022, driven by a strong rally after Donald Trump, backed by Elon Musk, secured a second presidential term.
According to Forbes, the electric car company's stock surged by over 10% to nearly $330 in afternoon trading, ultimately closing up 8% at $321.
Credit: Reuters
This increase extended a three-day upward streak, lifting Tesla's value and propelling broader stock market gains following Trump＊s election victory.
This surge brought Tesla's valuation to $1 trillion, a level it hasn＊t reached since April 2022.
Over the past six months, Tesla's market value has nearly doubled, significantly boosting Musk's net worth, which crossed $300 billion on Friday for the first time in over two years.
The Tesla stock rally added approximately $13 billion to Musk's wealth on Friday, solidifying his lead over Oracle's Larry Ellison by a margin of $70 billion.
BREAKING: Elon Musk＊s net worth has reached $300 billion 〞He said "My plan is to use the money to get humanity to Mars & preserve the light of consciousness" pic.twitter.com/BA3QcBa75J
〞 DogeDesigner (@cb_doge) November 8, 2024
As Tesla's largest shareholder, Musk holds a 13% stake in the company valued at around $130 billion, plus an additional 9% in stock options, pending a Delaware court appeal.
In a recent analysis, Wedbush's Dan Ives outlined potential advantages a Trump presidency could offer Tesla, such as the possible elimination of federal tax credits on electric vehicles, which could create a competitive edge for Tesla as smaller EV makers struggle to adapt.
Additionally, tariffs on Chinese imports could reduce competition from lower-cost Chinese EVs, and Trump might expedite regulatory approvals for Tesla＊s self-driving technology, potentially accelerating its market position.
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Srishti B Dutta brings you everything from rags-to-riches tales and inspiring student success stories to those "No way, this can't be real!" moments. Whether it's intriguing, heartwarming, or just plain quirky, she's got it covered.
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