Following Donald Trump’s presidential win, Elon Musk’s net worth surged by $70 billion as Tesla’s stock rallied.
Tesla shares shot up by 39% in the four trading days after the election, catapulting the company’s market value past $1 trillion. “Tesla’s performance has been phenomenal,” said Gene Munster of Deepwater Asset Management. “Musk’s got the golden touch and now has the ear of the administration.”
Musk’s support for Trump’s campaign went beyond financial contributions. The billionaire mobilized a voter registration drive, actively joined rallies, and used his social media platform, X (formerly Twitter), to advocate for Trump, promoting voter petitions for his America PAC.
His close ties to the Trump camp reportedly included discussions on staffing decisions for the administration, with Musk even joining a phone call between Trump and Ukrainian President Volodymyr Zelenskyy.
The possibility of reduced regulatory pressures under Trump could prove beneficial to Musk’s companies, including Tesla, SpaceX, and xAI, which face numerous federal investigations and lawsuits. A Trump-led government may offer regulatory relief for Musk’s ventures, which Munster believes will be “overwhelmingly positive.” Musk’s influence could potentially extend to federal appointments, including a pro-business Federal Communications Commission nominee, Brendan Carr, who is viewed as an ally.
Musk isn’t alone in reaping post-election gains. Oracle’s Larry Ellison, another tech billionaire, added nearly $20 billion to his wealth, as Oracle’s shares climbed by 10%. Coinbase CEO Brian Armstrong also saw a boost, with his wealth increasing by $4.5 billion as Coinbase stocks surged by 67%. The positive regulatory outlook for crypto, spurred by pro-crypto candidates backed by the Fairshake PAC, could further benefit Tesla’s holdings in digital assets, now valued at $729 million.
With Bitcoin hitting record highs over $88,000, Musk’s businesses stand poised for growth. As Munster noted, “I’m stretched to see how this plays out negatively for Elon.” These developments signal a promising horizon for Musk’s empire under a Trump administration.
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