Elon Musk, CEO of Tesla, has become the only person in the world whose wealth has reached $300 billion. It has not surpassed this milestone in the last three years. Its previous record was $340.4 billion in 2021. His public support for Donald Trump appears to be starting to bear fruit. The president-elect has already said he will reconsider his program to cut subsidies for electric vehicles.
According to Bloomberg, Musk’s fortune surpassed $300 billion for the first time in three years. This occurred against the backdrop of a rise in Tesla shares following Trump’s election victory. Musk’s net worth has increased by $50 billion since last week and now stands at $313.7 billion. This was possible because Tesla shares rose 28% during this period. While many of the world’s rich also increased their wealth, Musk received the largest increase.
Musk’s fortune could continue to rise thanks to the partnerships he developed with Trump during the campaign. Trump has already said he will reconsider his plans to cut subsidies for electric vehicle buyers. The president-elect also expressed his support for Musk’s space company, SpaceX, which represents $82 billion of the businessman’s net worth. The company competes for billions of dollars in government contracts.
“One of Musk’s best strategic moves is to bet on Trump,” said Wedbush analyst Dan Ives. “Musk is the biggest winner from Trump’s victory”. Musk first publicly expressed his support for Trump in July, after an attempt on his life. Musk has been active in Trump’s campaign in recent months, including funding a $1 million lottery for voters in swing states. He also spent election night at Trump’s Florida property and was mentioned in his victory speech.
Cursor previously wrote that the WSJ claimed that Musk and Putin have been in close relationship since the start of the war in Ukraine.
