Elon Musk's wealth skyrockets by $21 billion post Trump's victory
Tesla CEO Elon Musk has witnessed a massive spike in his wealth, after Donald Trump won the US presidential election. Musk's net worth jumped by nearly 8% or $20.9 billion, to a whopping $285.6 billion, according to Forbes's real-time billionaires list. The financial spike was led by Tesla shares gaining nearly 15% in a single session.
Trump's policies and their impact on electric vehicle market
Under Trump's administration, Tesla is likely to gain a lot, especially since smaller competitors could be affected by possible subsidy cuts for alternative energy and electric vehicles. Further, Trump's proposed tariffs on Chinese imports could decrease the chances of Chinese electric vehicles taking over the US market. Interestingly, while Tesla's stock recorded massive gains, shares of competing EV makers have declined. Shanghai-based Nio saw a 5.3% drop, while Rivian's shares tanked 8.3%, and Lucid Group's shares fell 5.3%.
Tech billionaires' wealth increases post-Trump's victory
Following Trump's victory, other tech billionaires such as Amazon founder Jeff Bezos and Oracle co-founder Larry Ellison also witnessed massive spikes in their wealth. This trend among top billionaires suggests a wider pattern of tech sector growth and investor confidence after Trump's return to office. However, how Trump's policies would affect the technology and business sectors in the long run remains to be seen.
Musk's political alignment and influence in Trump's administration
Musk, who had previously served on two advisory councils during Trump's first term, has been an ardent supporter of President-elect in this election. He used his wealth and influence to tip the scales in the election. Now, with a net worth of over $285 billion and having donated over $100 million to a pro-Trump super PAC, Musk is poised to become an influential political and business advisor in the incoming president's administration.
