Elon Musk’s net worth has surpassed $300 billion, significantly influenced by Tesla Inc.’s share growth after Donald Trump’s U.S. election victory. This is the first time Musk’s fortune has reached this level in nearly three years, propelled by expectations that Trump’s administration may benefit his businesses.
Since Trump’s election, Musk has added more to his wealth than any other billionaire tracked by Bloomberg. Tesla’s stock surging 28% post-election boosted his wealth by $50 billion to $313.7 billion.
Trump has indicated policies that could favor Musk’s companies, including a potential shift in the U.S.’s approach to electric vehicles and support for SpaceX, which represents $82 billion of Musk’s net worth. Trump has also floated the idea of Musk serving as an “efficiency czar” in his administration.
Dan Ives, an analyst at Wedbush Securities, remarked on Bloomberg TV, “Musk is the big winner in this Trump sweepstakes,” referring to Musk’s strategic alignment with Trump late in the presidential race and his close involvement on election night at Mar-a-Lago.
Musk, 53, is the only individual whose fortune has ever exceeded $300 billion, a milestone he last reached in January 2022, peaking at $340.4 billion in 2021. Prior to the election, Tesla’s strong mid-October earnings had already increased his fortune by $34 billion in a single day.
A significant portion of Musk’s wealth is tied up in Tesla, the world’s top electric-vehicle maker, whose future is closely linked to federal policy decisions. Last month, Musk expressed during a Tesla earnings call his willingness to advocate for federal approval of autonomous vehicles if he were to assume a role in the Trump administration.
Initially, Trump declared his intention to roll back EV initiatives in his Republican National Convention acceptance speech in July but altered his position following Musk’s strong endorsement, stating at a rally in Atlanta, “I’m for electric cars. I have to be, because Elon endorsed me very strongly.”
