Elon Musk, CEO of Tesla, has seen his net worth surpass $300 billion once again following Donald Trump’s election as U.S. President.
According to Bloomberg, Tesla’s stock price surged 28% after the election, boosting Musk’s fortune by $50 billion. As of Saturday, his wealth has reached an impressive $313.7 billion.
The Bloomberg Billionaires Index ranks Musk as the billionaire whose wealth has grown the most since Trump’s election.
Musk has been a vocal supporter of Trump even before the election, maintaining a close relationship with the former president.
In the weeks before the election, Musk actively campaigned alongside President-elect Trump, even organizing events with a $1 million prize to encourage conservative voter registration in key battleground states. On Election Day, Musk was in Trump’s inner circle, monitoring the results from Trump’s Mar-a-Lago estate in Florida.
Trump has publicly expressed his support for Musk’s ventures, including Tesla, and has mentioned potential measures that could benefit the electric vehicle industry. He suggested he might reconsider plans to slow the transition to electric vehicles, which could positively impact Musk’s business.
Trump has also shown support for Musk’s other major ventures, such as SpaceX, valued at $82 billion, and Musk’s ambitious plans for Mars exploration. Additionally, Trump has unveiled plans to establish a Government Efficiency Committee to propose reforms, with Musk being considered for a leading role in the initiative.
Musk’s net worth briefly surpassed $300 billion but dipped below that threshold in January 2022. While it has since recovered, it still falls short of the all-time high of $340.4 billion he reached in 2021.