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Elon Musk Gains $70 Billion in Wealth Following Tesla Stock Surge Post-Trump Election Victory

Key Point:
  • Tesla’s 39% surge since Donald Trump’s election victory last week has lifted Elon Musk’s net worth by about $70 billion.
  • Musk’s wealth rocketed past $300 billion in the days since the election, putting him about $90 billion above Larry Ellison, the world’s second-richest person.
  • Musk spent at least $130 million to help Trump get elected.

Elon Musk’s financial gains have surged dramatically since Donald Trump’s election victory, with Tesla’s stock soaring by about 39%. This surge has increased Musk’s net worth by an estimated $70 billion, bringing it to around $320 billion. This puts Musk approximately $90 billion ahead of Larry Ellison, the second-richest person in the world. A significant part of Musk’s fortune is tied up in Tesla, where he owns millions of shares. His wealth has also been boosted by the strong performance of his other ventures, including SpaceX and his recent stake in the social media platform X (formerly Twitter)​.

Musk’s support for Trump was extensive, having spent at least $130 million on efforts to help Trump win the presidency. His involvement was not limited to financial contributions. Musk funded voter registration operations in key swing states, led rallies, and supported Trump’s campaign on his platform X, frequently promoting the former president while spreading misinformation about Trump’s opponents. Musk even launched a $1 million giveaway to encourage voter participation in his America PAC, which led to legal challenges​.

Beyond politics, Musk is looking to leverage his close ties with the incoming administration to further his business interests. Reports suggest Musk has already been in discussions about staffing choices for Trump’s future administration and has spent significant time at Trump’s Mar-a-Lago resort in Florida. There are also expectations that Musk’s companies, including Tesla and SpaceX, may benefit from a more favorable regulatory environment under a Trump presidency, particularly regarding investigations and lawsuits tied to federal agencies. Musk’s influence may extend further with his strong stance on reducing regulatory oversight for his business empire.

In a similar post-election boost, other tech leaders like Coinbase CEO Brian Armstrong have also seen their fortunes rise, partly due to the positive market reaction and expectations of more favorable regulatory environments for industries like crypto​.

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