Elon Musk’s net worth soars by $26 billion to hit $290 billion after Donald Trump’s presidential win

Tesla CEO Elon Musk’s wealth surged by $26.5 billion, over 12 per cent, to attain $290 billion shortly after Donald Trump secured a landslide victory within the US presidential election. In accordance to the newest knowledge from the Bloomberg Billionaire Index, Musk’s net worth jumped instantly on Wednesday, November 6, after the electoral victory of the Republican candidate.

Elon Musk has performed a key function in supporting Donald Trump all through his election marketing campaign. The previous president additionally promised to make the billionaire head of a authorities effectivity fee. The Tesla inventory surge began as Trump was on track to win the US Presidential Elections in 2024.

“The market believes a Trump presidency will unleash animal spirits and provides a lift to progress within the short-term via some reduction on company taxes and deregulation,” Frédérique Service, head of funding technique for RBC Wealth Administration within the British Isles and Asia, instructed Reuters.

Buyers grappled with the far-reaching results of a Trump presidency, powering the US greenback increased and Bitcoin to a document. Shares of billionaire Elon Musk’s Tesla and different firms soared as they had been seen benefiting from his return to the White Home. Trump’s promise to make Musk head of a authorities effectivity fee after he backed Trump all through his electoral marketing campaign led to a 12.5 per cent surge in Tesla’s shares.