Musk's Wealth Surges Following Trump’s Win – Bloomberg
Donald Trump's win resulted in a $26.5 billion increase in net worth for his primary financial supporter, Elon Musk, according to Bloomberg. Read Full Article at RT.com.
TroibNews 
Tesla shares have jumped nearly 15% since the US election, spurred by Donald Trump’s victory, which has significantly increased the net worth of one of his primary financial supporters, Elon Musk, by $26.5 billion, as reported by Bloomberg’s Billionaires Index.
The Index ranks the globe's 500 wealthiest individuals based on their net worth, factoring in the fluctuations in share prices of the companies they hold stakes in.
Elon Musk, who is the owner of Tesla and CEO of SpaceX, has claimed the title of the world’s richest person with an estimated fortune of $290 billion.
On Wednesday, Tesla shares rose by 14.8% as investors speculated that both Musk and his electric vehicle company would gain from Trump’s reinstatement in the White House.
Musk has been an active supporter of Trump, campaigning for him and generously contributing millions since his endorsement in July. Reports indicate that he has donated roughly $119 million to the Republican’s political action committee.
Dominating the US electric vehicle market with a 48.9% share, Tesla stands to gain significantly under a Trump administration, especially considering the Republican's proposals for extensive tariffs on imports of Chinese automobiles.
“Tesla has the scale and scope that is unmatched,” noted Wedbush analyst Dan Ives in a message to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Trump has consistently warned of potential tariffs reaching up to 200% on vehicles imported from China. “They’re going to pay a 100% or maybe even a 200% tariff because we’re not going to let them come into our country and destroy what’s left of our auto industry,” he declared in October.
Recently, Trump also promised Musk a role within his administration.
In addition to Musk, the fortunes of several other billionaires surged following Trump’s electoral victory. Jeff Bezos, the owner of Amazon, experienced a $7 billion increase in his net worth, bringing it to $223.5 billion, solidifying his status as the second-richest person in the world, behind Musk.
Crypto entrepreneurs also saw significant gains. Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase, enjoyed a $2.6 billion boost to his net worth, now totaling $11 billion. Meanwhile, Changpeng Zhao, founder of Binance cryptocurrency exchange, added $12.1 billion to his fortune, which now stands at $52.7 billion following the election.
Camille Lefevre for TROIB News
The Index ranks the globe's 500 wealthiest individuals based on their net worth, factoring in the fluctuations in share prices of the companies they hold stakes in.
Elon Musk, who is the owner of Tesla and CEO of SpaceX, has claimed the title of the world’s richest person with an estimated fortune of $290 billion.
On Wednesday, Tesla shares rose by 14.8% as investors speculated that both Musk and his electric vehicle company would gain from Trump’s reinstatement in the White House.
Musk has been an active supporter of Trump, campaigning for him and generously contributing millions since his endorsement in July. Reports indicate that he has donated roughly $119 million to the Republican’s political action committee.
Dominating the US electric vehicle market with a 48.9% share, Tesla stands to gain significantly under a Trump administration, especially considering the Republican's proposals for extensive tariffs on imports of Chinese automobiles.
“Tesla has the scale and scope that is unmatched,” noted Wedbush analyst Dan Ives in a message to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Trump has consistently warned of potential tariffs reaching up to 200% on vehicles imported from China. “They’re going to pay a 100% or maybe even a 200% tariff because we’re not going to let them come into our country and destroy what’s left of our auto industry,” he declared in October.
Recently, Trump also promised Musk a role within his administration.
In addition to Musk, the fortunes of several other billionaires surged following Trump’s electoral victory. Jeff Bezos, the owner of Amazon, experienced a $7 billion increase in his net worth, bringing it to $223.5 billion, solidifying his status as the second-richest person in the world, behind Musk.
Crypto entrepreneurs also saw significant gains. Brian Armstrong, co-founder and CEO of cryptocurrency exchange Coinbase, enjoyed a $2.6 billion boost to his net worth, now totaling $11 billion. Meanwhile, Changpeng Zhao, founder of Binance cryptocurrency exchange, added $12.1 billion to his fortune, which now stands at $52.7 billion following the election.
Camille Lefevre for TROIB News
