Elon Musk, CEO of Tesla and owner of X (formerly Twitter), saw his wealth skyrocket by approximately $13 billion after Donald Trump won the 2024 U.S. presidential election.
The surge in Musk’s fortune came just hours after Trump’s victory, as investors quickly predicted that the win could create favorable conditions for Musk’s flagship company, Tesla.
Shares of Tesla (TSLA) jumped 13% when markets opened on Wednesday, reflecting optimism about the potential for Trump’s presidency to benefit the electric vehicle maker.
This rise in Tesla stock significantly boosted the value of Musk’s 411 million shares, increasing his net worth by more than $13 billion, according to CNN.
Musk has been a vocal and financial supporter of Trump throughout the election, donating heavily to the former president’s campaign.
The Federal Election Commission reports that Musk has contributed nearly $119 million through a political action committee (PAC) aimed at backing Trump, making him one of the most high-profile figures in the tech sector supporting the Republican candidate.
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While Musk has long benefited from government policies that supported his ventures, including Tesla and SpaceX, some analysts have questioned how Trump’s policies might impact the electric vehicle industry.
Trump has been skeptical of electric vehicles, calling them expensive and a threat to jobs in the traditional auto industry.
He has also pledged to repeal what he refers to as “Biden’s EV mandate,” though no formal mandate currently exists.
Despite the uncertainty surrounding Trump’s stance on EVs, many analysts believe that Tesla will be able to navigate potential changes to federal subsidies and incentives.
Some even suggest that a reduced-subsidy environment could give Tesla a competitive edge, as it would face less government intervention in a market where the company already holds a strong position.
