Share of electric car manufacturer Tesla surged 14.7% to the highest in over two years Wednesday, adding 11.6% to its CEO’s wealth, according to the Bloomberg Billionaires Index.
With a net worth of $290 billion, Musk remains the richest person in the world. His wealth has risen nearly 27% so far this year.
Elon Musk’s net worth. Source: Bloomberg Billionaires’ Index
Tesla is believed to benefit from Trump’s presidency as the President-elect has promised to make Musk the head of a government efficiency commission.
Musk has been voicing strong support for Trump’s campaign on his social media X and has spent over $130 million on America PAC, a political committee he founded, to help the former president reclaim the White House.
“The biggest positive from a Trump win would be for Tesla and Musk,” Daniel Ives, a Wedbush Securities analyst, wrote in a report to clients as reported by Bloomberg.
He said that if the U.S. reduces tax incentives for electric vehicles, Tesla would gain a competitive edge over other manufacturers.
The automaker posted a year-on-year profit increase of 8% to $2.5 billion in the third quarter, higher than analysts’ expectations.
Tesla’s rivals saw shares tumbling Wednesday. Rivian Automotive lost 10% and Lucid Group dropped 8%.
