Elon Musk, the prodigious CEO of Tesla and SpaceX, has witnessed an extraordinary surge in his net worth, swelling by approximately $70 billion following Donald Trump’s election victory. This phenomenal increase is primarily attributed to a significant rise in Tesla’s stock price, which climbed by 39% within just four trading days post-election.
With Musk owning 411.06 million Tesla shares and around 304 million performance-based options, his wealth has now reached unprecedented levels.
Tesla’s market capitalization has surpassed the $1 trillion mark, further bolstering Musk’s financial standing. His net worth now stands at a staggering $320 billion, according to Forbes, positioning him nearly $90 billion ahead of Oracle founder Larry Ellison, the world’s second-richest person. Ellison, a close associate of Musk and former Tesla board member, also benefitted from the “Trump bump,” with a 10% increase in Oracle’s stock boosting his wealth by roughly $20 billion.
The remarkable growth in Musk’s wealth underscores the intricate relationship between politics and business. Musk’s strategic acquisition of Twitter, now rebranded as X, and his substantial contributions to Trump’s campaign have significantly contributed to his financial ascent. His companies, including Tesla, SpaceX, and X, are currently under federal investigations and lawsuits, yet Musk remains intent on capitalizing on his investments.
“He’s got the golden touch right now and has the ear,” remarked Gene Munster, a long-time Tesla supporter, highlighting Musk’s advantageous position in the current political landscape.
Musk’s financial success following Trump’s victory exemplifies the symbiotic nature of politics and business. Investors appear optimistic about Tesla’s prospects under a Trump administration, as evidenced by the rapid post-election surge in the company’s stock price. This optimism may stem from potential regulatory advantages that could benefit Musk’s enterprises.
Musk has effectively leveraged his influence and financial resources within the political arena. He made significant contributions to Trump’s campaign and utilized his social media platform X to galvanize support for his preferred candidate. In a notable display of political involvement, Musk ran a straw poll on X for his over 200-million followers, asking who should be Senate majority leader. He also personally endorsed Florida Republican Senator Rick Scott for the position.
The interconnectedness of politics and business is further demonstrated by Musk’s companies potentially benefiting from a more favorable regulatory environment under Trump. This dynamic has proven advantageous for Musk, with Gene Munster expressing confidence in the situation favoring him.
“I’m stretched to try to find out how this could play out negative for Elon,” noted Gene Munster.
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