On Friday, November 22, the fortune of the American billionaire Elon Musk increased to record levels against the background of the victory of the Republican Donald Trump in the presidential elections in the USA.
Points of attention
- Elon Musk's fortune reached record levels after Donald Trump's victory, with Tesla's shares and xAI startup valuation contributing to the increase.
- Musk's support for Trump and planned reforms in self-driving car legislation and government efficiency could boost Tesla's market position and development opportunities.
- The Trump administration's proposals, including reducing subsidies for electric cars, may pose challenges for traditional automakers but offer new prospects for Tesla due to its independence from government support.
- Elon Musk's active participation in Trump's election campaign and significant investments highlight the strategic alignment between the two in driving innovation and policy reform.
- Tesla's market capitalization growth, coupled with Musk's personal fortune increase, underscores the company's resilience and potential for further expansion in the evolving automotive industry.
What is known about the record growth of Musk's fortune after Trump's victory in the US elections
According to the journalists of the publication, shares of the Tesla company increased by 3.8% in just one day, and since the beginning of November, the company has increased its own market capitalization to about 350 billion dollars.
Investors also have strong interest in Musk's artificial intelligence startup xAI, which has a market value of $50 billion.
Since May, the value of the startup has doubled.
In addition, it is expected that in connection with the planned sale of SpaceX shares, the value of the company's shares may increase to 250 billion dollars.
Elon Musk, who remains the richest person in the world, broke his own wealth record set in November 2021. More than two-thirds of his fortune is in Tesla stock and options, which have risen 35% in value since the election.
What is known about Musk's support for Trump in the elections
Musk took an active part in the election campaign of Donald Trump, investing more than 170 million dollars in it.
The new president's team plans to reform the legislation on self-driving cars, which could facilitate the mass adoption of such vehicles and give Tesla a significant competitive advantage.
In addition, Musk is to become co-chair of the newly created Department of Government Efficiency, whose task will be to reduce bureaucracy and regulations.
The Trump administration's proposals also include reducing subsidies for electric cars and relaxing environmental regulations, which could hurt traditional automakers but benefit Tesla, which is less dependent on government support.
