Elon Musk’s net worth surges past $300B as Tesla’s market value crosses $1 trillion

Elon Musk’s backing of President-elect Donald Trump has paid disconnected handsomely arsenic his nett worthy surged past nan $300 cardinal people connected Friday — overmuch of it owed to Tesla’s marketplace capitalization surpassing $1 trillion.

Musk, who donated astir $120 cardinal to a pro-Trump ace PAC, was worthy $302 cardinal arsenic of Friday, according to Forbes, which calculated his luck by factoring successful his 20% liking successful Tesla arsenic good arsenic his estimated 42% equity successful SpaceX.

In November 2020, astir 75% of Musk’s wealthiness was derived from his liking successful Tesla.

“Tesla and CEO Elon Musk are possibly nan biggest winners from nan predetermination result, and we judge Trump’s triumph will thief expedite regulatory support of nan company’s autonomous driving technology,” said Garrett Nelson, elder equity expert astatine CFRA Research.

Under a Trump administration, Musk could push for favorable regularisation of autonomous vehicles that Tesla plans and besides get nan US National Highway Traffic Safety Administration to clasp disconnected connected imaginable enforcement actions involving nan information of Tesla’s existent driver-assistance systems, a root told Reuters.

Musk is besides nan mostly proprietor of xAI, nan artificial intelligence startup that he founded past year. Musk’s liking successful nan company, which is successful talks connected a caller backing round that could worth nan patient astatine arsenic overmuch arsenic $40 billion, is 60%, according to Forbes.

Musk has crossed nan $300 cardinal period before. In November 2021, Tesla’s banal scope an all-time precocious of $407 per share. But nan company’s banal plummeted by arsenic overmuch arsenic 72% — falling to $113.06 a stock successful January of past year.

As of Friday, Tesla banal was trading astatine astir $317 a stock — up astir 7% from nan opening bell.

Tesla shares jumped successful precocious October aft nan institution reported a emergence successful quarterly profit margin, buoyed by income of nan highly profitable Full Self Driving driver assistance software.

It has been nan world’s astir valuable automaker for years, pinch Japan’s Toyota Motor, BYD and others trailing by respective 100 cardinal dollars.

Musk unloaded a ample chunk of his shares successful Tesla successful bid to thief finance his $44 cardinal acquisition of Twitter, which he has since rebranded arsenic X.

According to Forbes, Musk overpaid for X, which arsenic of August was worthy astir 70% little than nan $44 cardinal value tag.

Tesla has struggled successful caller years to support its marketplace stock arsenic precocious ostentation spurred weaker request for electrical vehicles.

The EV shaper has besides faced progressively aggravated title from rivals successful China, wherever home manufacturers specified arsenic Warren Buffett-backed BYD and Xiaomi person disrupted nan market.

Trump has said he would pat Musk to lead a caller authorities ratio commission. Musk has said astatine slightest $2 trillion could beryllium trim from nan $6.75 trillion national budget.

Musk has focused connected self-driving conveyance technology, ditching plans to build an system car priced astatine nether $30,000. However, improvement and regulatory hurdles person delayed nan commercialization of specified technologies.

With Post Wires