Many of Musk's companies saw a rapid increase in value following Donald Trump's election victory, which brought Musk, often referred to as the "first friend," into the political spotlight.
Tesla's stock rose by 3.8%, reflecting optimism that Trump's team's plans for self-driving cars and electric vehicle subsidies would give Musk's company an edge over its competitors. Since November 4, the day before the election, the company's shares have surged by 45%, adding approximately $350 billion in market value.
According to the Bloomberg Billionaires Index, Musk, the richest person in the world, is now wealthier than his previous peak of $340.4 billion set in November 2021. His fortune, more than two-thirds of which consists of Tesla stocks and options, has increased by 35% since the day before the election.
The 53-year-old Musk joined Trump in the final stages of the campaign, campaigning alongside him in battleground states, and personally donated over $170 million to the Coalition Election Headquarters in support of the Republican candidate.