Texas: Elon Musk, CEO of Tesla, SpaceX, and X (formerly Twitter), saw his net worth soar by $26.5 billion after Donald Trump’s victory in the 2024 U.S. presidential election. Musk, a vocal supporter of Trump, welcomed the election results, calling them a clear expression of the American people’s will.
The surge in Musk’s wealth is largely driven by rising stock prices in Tesla and other Musk-led ventures, as investors anticipate pro-business policies under a second Trump administration, including regulatory rollbacks and tax reforms. Tesla shares jumped nearly 12% on November 6, while SpaceX and other private holdings also saw gains.
Analysts attribute the market boost to expectations that Trump’s administration will reduce corporate taxes and environmental regulations—moves seen as beneficial to Musk’s business interests. “We are entering an era where innovation and entrepreneurship can thrive again,” Musk said in a statement, praising Trump’s focus on job creation and economic growth.
Musk’s support for Trump has drawn mixed reactions, with some questioning how his endorsement aligns with his goals for sustainable energy, given Trump’s history of rolling back environmental regulations. However, analysts note that Tesla could benefit from new tax incentives for U.S. manufacturing, while SpaceX may gain from increased government funding for space initiatives.
Musk’s net worth spike is part of a broader market rally following Trump’s election, with major indices like the Dow Jones and S&P 500 also posting gains. Experts predict sectors such as defense, energy, and infrastructure will continue to benefit from Trump’s policies.
Despite criticism over his political ties, Musk maintains that his acquisition of X will not influence platform policies to favor political interests. He has reiterated his commitment to free speech and open dialogue on the platform.
As Trump’s administration unfolds, attention will remain on how his policies affect the economy and whether Musk’s wealth continues its upward trajectory. For now, Musk stands as one of Trump’s most prominent business allies, framing the election as a turning point for American entrepreneurship.
