Elon Musk is $70 billion richer since Trump victory due to Tesla stock surge
Tesla's 39% surge since Donald Trump's election victory last week has lifted Elon Musk's net worth by about $70 billion.
Elon Musk spent $44 billion to buy Twitter, now known as X, and at least $130 million to help get Donald Trump elected president.
It's a combination that's paid off handsomely. Since Trump's victory last week, Musk is about $70 billion richer on paper.
Most of Musk's wealth is wrapped up in his holdings of Tesla, and in the four trading days since the election, the electric vehicle maker's stock has soared by about 39%. That's lifted the company's market cap well past $1 trillion.
Musk's net worth has swelled to $320 billion, according to Forbes, putting him close to $90 billion ahead of Oracle founder Larry Ellison, the world's second-richest person. Ellison, a close friend of Musk's and a former Tesla board member, is a longtime Republican donor who's seen his own Trump bump, with Oracle's 10% increase lifting his net worth by about $20 billion.
For Musk, getting Trump back into the White House became another full-time job. He funded a swing-state operation to register right-leaning voters, and he led rallies as a surrogate for his favored candidate. He started $1 million giveaways to registered voters who signed one of his America PAC petitions, and he faced a lawsuit over running an illegal lottery in Pennsylvania.
Musk also used X, the social media platform he acquired in 2022, to constantly tout his support for Trump while frequently spreading misinformation about his opponent, Vice President Kamala Harris, as well as topics like immigration and voter fraud.
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70 billion dollars in less than a week the man so the brightest opportunity and took it. I thought buying X was dump until I saw what he did with it. I think he's going to make more and probably hot trillion after 4 years of Trump
Never bet against Elon I always say. I'm not surprised, now I'm sure investors see that Musk companies will get good regulations from government so they're encouraged