Elon Musk’s net worth soared by a staggering $26 billion after Donald Trump’s recent victory in the US presidential election ignited a rally in Tesla shares.
The single-day jump has elevated Musk's fortune to $290 billion, bringing him ever closer to an unprecedented $300 billion mark. Just this year, Musk's net worth has increased $60 billion.
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.
Musk, the world's wealthiest individual and an ardent supporter of Donald Trump became a focal point during Trump’s victory rally in Florida. Trump praised Musk in front of a massive crowd, hailing him as “a star.”
Elon Musk’s active support for 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.
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