Egypt Daily News – Elon Musk’s net worth surged by approximately $26 billion following Donald Trump’s victory in the U.S. presidential election, largely attributed to a significant rise in Tesla’s stock price.
This one-day increase brought Musk’s total fortune to $290 billion, inching closer to the milestone of $300 billion. Over the course of the year, Musk’s wealth has grown by $60 billion.
As reported by “India Today,” Tesla’s shares soared by 14.75%, climbing to $288.53 in after-hours trading, amid expectations that Trump’s pro-business policies will positively impact Tesla’s initiatives.
Musk, who is currently the richest person in the world, has been a vocal supporter of Trump and was a prominent figure at Trump’s victory rally in Florida, where Trump lauded him as a “star” in front of a large audience.
Throughout the election campaign, Musk’s backing for Trump was evident, with the CEO of Tesla and SpaceX actively using his social media platform, X (formerly Twitter), to gather support and contributing $120 million to Trump’s re-election efforts.
This close relationship with Trump’s administration has heightened investor confidence in Tesla, particularly regarding favorable regulatory and tax outlooks.
Trump also praised Musk for SpaceX’s remarkable achievement of catching its Super Heavy booster mid-air, a feat he described as “amazing.” After the event, Trump recounted a conversation he had with Musk, where they discussed the uniqueness of this technological advancement, with Musk asserting that neither China nor Russia could replicate it.
Trump expressed admiration for Musk’s innovative contributions and mentioned how Musk quickly provided Starlink communications to areas in North Carolina impacted by Hurricane Helene, emphasizing Musk’s responsiveness and the positive impact of his actions in saving lives.
