Texas/IBNS: Elon Musk, CEO of Tesla, SpaceX, and X (formerly Twitter), saw his net worth soar by $26.5 billion following Donald Trumps return to the White House in the 2024 US presidential election.
Musk, an outspoken supporter of Trump, expressed his approval of the election results, stating, The people of America have spoken with absolute clarity.
The people of America have spoken and spoken with absolute clarity https://t.co/QMJzTYcLXI
Elon Musk (@elonmusk) November 7, 2024
The substantial jump in Musks wealth can be attributed to surging stock values across several of his major ventures, as investors anticipate regulatory changes, tax reforms, and other pro-business policies expected under the Trump administration.
Shares of Tesla rose by nearly 12 percent on Wednesday (Nov. 6), with SpaceX and other Musk-owned companies seeing similar gains in private valuations.
Market analysts point to Trumps anticipated rollback of environmental regulations and reduced corporate tax rates as likely drivers behind this investor confidence, as these policies could directly benefit Musks extensive business portfolio.
In a brief statement following the election results, Musk praised the US electoral process and emphasized that Trumps victory reflected the will of the people.
This election proves that American democracy remains robust and that voters can drive significant change, Musk said.
He commended Trumps commitment to fostering a more business-friendly environment, which Musk believes will spur job creation, innovation, and economic growth.
We are entering an era where innovation and entrepreneurship can thrive again, uninhibited by restrictive policies, Musk added.
Musks support of Trump has drawn mixed reactions from the public and fellow business leaders.
????The future is gonna be so ? ???? pic.twitter.com/x56cqb6oT5
Elon Musk (@elonmusk) November 6, 2024
While Musk has often spoken in favour of policies that reduce governmental oversight on businesses, his endorsement of Trump has led some critics to question the alignment between Musks public-facing goalssuch as transitioning to sustainable energyand Trumps previous rollbacks of environmental regulations.
However, analysts note that Musks companies may benefit from the policy changes anticipated under Trump.
For instance, analysts say Teslas electric vehicle business could thrive if the new administration introduces tax breaks for US-based manufacturing facilities.
Meanwhile, SpaceX, which maintains lucrative government contracts, could see increased support for its space exploration and satellite initiatives as the administration potentially ramps up funding for American space capabilities.
The sharp rise in Musks net worth also highlights the broader effect of Trumps election on the markets.
Wall Street reacted positively to Trumps victory, with the Dow Jones Industrial Average and SP 500 both seeing notable gains.
Market experts are predicting continued growth in sectors such as defence, energy, and infrastructure, which are expected to benefit from Trumps America-first policies.
Musks support of Trump has sparked heated debates on social media, particularly given Musks recent acquisition of X, the social media platform formerly known as Twitter.
Critics argue that Musks dual role as a powerful tech mogul and vocal Trump supporter could have implications for free speech on X, as well as for broader public discourse in the coming years.
Musk has, however, denied any intentions of influencing Xs platform policies to align with political interests, asserting his commitment to preserving free speech and open dialogue.
As Trumps administration takes shape in the coming months, the world will be closely monitoring to see how his policies impact American businesses and whether Musks newfound wealth surge will hold steady.
For now, Musk remains one of Trumps most prominent allies in the business community, framing the election as a pivotal moment for both the economy and the spirit of American entrepreneurship.
