Tesla CEO Elon Musk saw a significant boost to his net worth on Wednesday following a surge in Tesla’s stock, which occurred after President-elect Donald Trump secured victory in the U.S. election. According to Forbes, Musk’s fortune rose by billions as the stock market responded positively to the election outcome.
Trump emerged as the winner late Tuesday, surpassing Vice President Kamala Harris, who had been the Democratic nominee. Since trading began on Wednesday, Tesla shares—of which Musk holds approximately 13%—have increased by double digits, resulting in Musk’s wealth climbing by about $15 billion by mid-morning. By the early afternoon, Forbes reported his total net worth reached $286 billion, marking an increase of over $20 billion in a single day.
At this valuation, Musk remains the wealthiest individual globally, holding a lead of over $60 billion above Amazon founder Jeff Bezos. Major U.S. stock indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq composite, also experienced gains on the day following the election.
Some investors are optimistic about Tesla’s future under a Trump administration, potentially expecting favorable policies for the electric vehicle sector. Musk, who has openly supported Trump, tweeted that “the people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” adding his belief that the “future is gonna be fantastic.”
Musk later posted an image on X, his social media platform, showing him in conversation with Trump at the president-elect’s election night event. According to Fox News, Trump currently holds 292 electoral votes compared to Harris’s 226, with results from Nevada, Arizona, and Alaska still pending as of early Wednesday afternoon.
Election Day garnered significant attention from business leaders, investors, and the public, all watching closely as results unfolded.
