Elon Musk’s Net Worth Soars by $70 Billion Since Trump’s Victory, Fueled by Tesla Stock Surge and Political Investments
Fiona Nanna, ForeMedia News
5 minutes read. Updated 9:40PM GMT Tues, 12th November, 2024
Elon Musk, the CEO of Tesla and owner of X (formerly Twitter), has seen his net worth skyrocket by approximately $70 billion since Donald Trump’s victory in the 2024 presidential election. A combination of key investments and a sharp surge in Tesla stock is behind this astronomical financial boost, positioning Musk’s wealth at a staggering $320 billion.
Tesla Stock Surge Lifts Musk’s Wealth
Musk’s wealth is primarily tied to his holdings in Tesla, the electric vehicle maker that has become a symbol of the future of transportation. Since Trump’s election win last week, Tesla’s stock has surged by an impressive 39% in just four trading days. This spike has helped Tesla’s market capitalization soar well past $1 trillion, further bolstering Musk’s fortune.
As of now, Musk’s net worth stands at $320 billion, according to Forbes. This places him nearly $90 billion ahead of Oracle founder Larry Ellison, the second-richest person in the world. Musk’s surge in wealth is in stark contrast to Ellison’s modest $20 billion increase, despite Oracle’s stock climbing 10% in the aftermath of Trump’s victory.
Musk’s $130 Million Investment in Trump’s Campaign
Musk’s journey to wealth is not solely a product of Tesla’s success. His financial strategy involved a significant commitment to Trump’s political endeavors, spending at least $130 million in support of the former president’s election campaign. Musk, a vocal supporter of Trump, went above and beyond to assist in securing the swing states that helped Trump win the 2024 election.
Musk’s involvement wasn’t just monetary. He led rallies and was an outspoken surrogate for Trump, vigorously supporting his platform across the country. As part of his effort, Musk launched a $1 million giveaway initiative aimed at incentivizing voter registration. However, this initiative wasn’t without controversy, as it led to a lawsuit over allegations of running an illegal lottery in Pennsylvania.
In addition, Musk’s role extended to using his social media platform, X, as a megaphone for Trump’s messages. He consistently spread information supporting Trump’s policies while also actively targeting Vice President Kamala Harris and spreading misinformation regarding voter fraud and immigration.
Musk’s Strategic Position Post-Election
Following Trump’s victory, Musk has positioned himself to continue capitalizing on his investments. Reports indicate that Musk briefly joined a call between Trump and Ukrainian President Volodymyr Zelenskyy, signaling his continued involvement in high-profile political matters.
In the days following the election, Musk spent considerable time at Trump’s Mar-a-Lago resort in Florida, further cementing his ties with the former president. There is speculation that Musk has been involved in advising on potential staffing decisions for the new administration, particularly regarding appointments within the Federal Communications Commission (FCC). Brendan Carr, a known ally of Musk, is rumored to be a leading candidate for the FCC chair under Trump’s leadership.
The Future of Musk’s Wealth
While Musk has seen an immediate financial windfall from Tesla’s stock surge, his involvement in politics and media has further solidified his position at the forefront of both business and social influence. With his strategic investments and high-profile relationships, Musk seems poised to continue amassing wealth while also cementing his legacy as a major player in both the tech and political arenas.
As Musk continues to leverage his holdings and support for Trump, there are questions about the long-term impact of his investments on both his personal wealth and the broader markets. Only time will tell if his financial success will be sustained, but for now, Musk is undeniably riding a wave of prosperity.
Meta Description: Elon Musk’s net worth has surged by $70 billion since Trump’s victory, largely due to the surge in Tesla stock. Discover how Musk’s investments in Twitter (X) and Trump’s election bid contributed to his financial growth.