Elon Musk's net worth rises $26 billion in a day after Donald Trump's election victory

The boost came as Tesla's shares climbed 14.75% to $288.53 during after-hours trading, with Trump's pro-business policies seen as a favorable backdrop for Tesla and Musk's ventures.

In Short

• Elon Musk’s net worth surges $26 billion after Trump win
• Tesla shares soar 14.75%, driving Musk’s fortune to $290 billion
• Trump praises Musk, calls him “a star” at victory speech

Elon Musk’s net worth soared by a staggering $26 billion after Donald Trump’s recent victory in the US presidential election ignited a rally in Tesla shares.

The single-day jump has elevated Musk's fortune to $290 billion, bringing him ever closer to an unprecedented $300 billion mark. Just this year, Musk's net worth has increased $60 billion.

The boost came as Tesla’s shares climbed 14.75% to $288.53 during after-hours trading, with Trump’s pro-business policies seen as a favourable backdrop for Tesla and Musk’s ventures.

Musk, the world's wealthiest individual and an ardent supporter of Donald Trump became a focal point during Trump’s victory rally in Florida. Trump praised Musk in front of a massive crowd, hailing him as “a star.”

Elon Musk’s active support for Trump has been evident throughout the campaign, with the Tesla and SpaceX CEO utilising his social platform, X (formerly Twitter), to galvanise supporters and even contribute $120 million toward Trump’s re-election.

The close association with Trump’s pro-business stance has lifted investor confidence in Tesla’s future, especially regarding regulatory and tax-related outlooks under the new administration.

During the rally, Trump also highlighted Musk’s recent technological accomplishments, specifically SpaceX’s successful mid-air catch of its Super Heavy booster rocket—a feat that Trump described as both “a space-age movie” and “incredible.”

Trump shared that he had called Musk after the event, asking if any other country could achieve such a feat, to which Musk replied that neither China nor Russia could. “That’s why I love you, Elon,” Trump added, underscoring Musk’s role as a pivotal innovator.

In addition, Trump mentioned that Musk had provided Starlink connections to North Carolina areas affected by Hurricane Helene at Trump’s request. According to Trump, Musk’s quick response helped save lives, with Musk promptly deploying the technology to assist affected communities.

Musk’s actions further bolstered Trump’s admiration, and the former president emphasised the importance of protecting “geniuses” like Musk, suggesting the nation has few of them.

While Trump has floated ideas about Musk’s potential involvement in his administration, he has given conflicting remarks on what Musk’s role might entail. He humorously suggested Musk could serve as “secretary of cost-cutting” but also confirmed that the tech mogul would not be part of his Cabinet.

Musk’s ongoing influence in business and technology, alongside his public alignment with Trump, has solidified his position as one of America’s most prominent entrepreneurs, with Tesla shareholders optimistic about a future aligned with Trump’s economic policies