The net worth of Donald Trump's biggest supporter increased by $26.5 billion after the Republican candidate and former president won the US election this time.
Musk's fortune has increased to $290 billion as a result of the one-day gain, putting him one step closer to the historic $300 billion milestone. Musk's net wealth has grown by $60 billion just this year.
The boost came as Tesla’s shares climbed 14.75% to $288.53 during after-hours trading, with Trump’s pro-business policies seen as a favourable backdrop for Tesla and Musk’s ventures.
Elon Musk became a focal point of Donald Trump's victory rally in Florida. Trump also praised Musk in public and called him a 'star'.
Elon Musk’s ardent supporter of Donald Trump has been evident throughout the campaign, with the Tesla and SpaceX CEO utilising his social platform, X (formerly Twitter), to galvanise supporters and even contribute $120 million toward Trump’s re-election.
Investor confidence in Tesla's future has increased due to its tight ties to Trump's pro-business policies, particularly with reference to the new administration's tax and regulatory outlooks.
