Tesla CEO Elon Musk saw his net worth soar billions on Wednesday after President-elect Trump won the election, Forbes reports.
Musk has been a vocal supporter of Trump, who defeated Vice President Kamala Harris.
Tesla’s stock price jumped significantly, boosting Musk’s wealth. He owns a 13% stake in the company. By mid-morning, Musk’s fortune had increased by $15 billion. By early afternoon, it reached $286 billion.
According to Forbes’ real-time tracker, Musk’s net worth had climbed over $20 billion that day.
With this surge, Musk remains the richest person globally, outpacing Amazon founder Jeff Bezos by over $60 billion.
Investors are optimistic about Tesla’s prospects under the Trump administration.
On Election Day, major stock indices, including the Dow, S&P 500, and Nasdaq, also experienced gains.
The election was closely followed by Trump, Harris, business leaders, and investors alike.
Early Wednesday, Musk posted a photo on X, the platform he owns, showing him with Trump at his election night event. He tweeted that “the people of America gave @realDonaldTrump a crystal clear mandate for change tonight” and added, “the future is gonna be fantastic.”