Musk had nearly $27 billion more when Mr. Trump was elected

Closing the trading session on November 6, shares of electric car company Tesla increased 14.7%, reaching the highest level since July 2022. This helped CEO Elon Musk gain an additional 26.5 billion USD in just one session. This was also the strongest increase in the world yesterday. Currently, Musk owns $290 billion and is still the richest person in the world.

Tesla shares soared after news that Donald Trump was re-elected as US President. The electric car company is expected to benefit from this, while competitors in the same industry are facing an unpredictable future.

Musk is the most prominent supporter of Trump’s election campaign this year. He has spent more than $130 million on the super PAC America, making the group a key part of Trump’s effort to regain the White House. In the last few weeks before the election, he attracted attention when he and America PAC awarded $1 million to voters in a battleground state.

Musk is also active on X to campaign for Trump. The US President-elect also promised to appoint Musk as Secretary of the Department of Government Performance (DOGE).

Although Trump criticized electric vehicles during the election campaign, he softened his tone somewhat after receiving Musk’s support. He once praised the world’s richest billionaire for 4 minutes, praised Musk’s aerospace company SpaceX, and called Musk a “special person” and a “super genius”.

“Tesla and Musk will benefit greatly from Trump’s victory,” Daniel Ives – analyst at Wedbush Securities – said on Bloomberg. Tesla will have an advantage over its competitors if the US reduces tax incentives for electric vehicles.

At the end of last month, the American electric car company announced its third quarter business results, with 2.5 billion USD in profits, an increase of 8% over the same period last year. This number is also higher than analysts’ forecasts.

Yesterday, while Tesla shares soared, other electric car companies plummeted. Rivian Automotive lost 10%, Lucid Group fell 8%. Shares of European car companies were also sold off due to concerns that Trump would raise tariffs on imported cars.