Elon Musk’s investment in Donald Trump’s presidential campaign has yielded an impressive return.
Musk’s wealth has soared by $70 billion since Trump’s election, mostly due to the dramatic rise in Tesla stock prices.
Tesla stock prices soared 39% in the four days after the elections, pushing the market cap of the company well over $1 trillion.
Musk’s fortune has been significantly increased by this remarkable performance, which is closely tied to the Tesla shares he owns.
Musk’s approach of all-in support for Trump
Elon Musk’s support for Trump goes beyond financial aid.
He actively participated in rallies and gave away $1 million to voters who signed his America PAC petition.
The billionaire used his platform on social media, X (formerly Twitter), as a way to promote Trump’s campaign and disseminate news about Trump and his opponents.
Musk’s influence over the Trump Administration: From Mar-a-Lago To The White House
Musk’s influence seems to go beyond his campaign.
NBC News reports that he was involved in a telephone call between Trump, and the Ukrainian president Volodymyr Zelenskyy. Meanwhile, The New York Times (and ABC) report that the X boss had been in discussion regarding the staffing decision for the new Administration.
Trump has been a regular visitor to his Mar-a-Lago Resort.
Brendan Carr is a Musk ally and a possible nominee to the Federal Communications Commission.
Are we about to see a regulatory relief? Musk’s businesses are poised to gain
Musk is a long-time advocate of reduced regulation, aiming at removing obstacles to his many business ventures including Tesla, X SpaceX, xAI Neuralink and The Boring Company.
Numerous federal investigations and lawsuits are currently being conducted against these companies, including allegations of securities laws violations, workplace issues, environmental violations and consumer fraud.
Musk believes that a Trump administration will create a regulatory climate more favorable due to the significant influence of the executive branch over regulatory agencies.
Gene Munster, a Tesla bull who has been with Deepwater Asset Management for a while, said on CNBC that Trump “has the gold touch and the ear.” Munster also added that SpaceX, xAI, and other companies are likely to gain from a Trump presidency.
The conclusion was made by the speaker.
It’s difficult to see how Elon could be negatively affected by this.
Other tech billionaires also benefitted from Trump’s victory
Not only Larry Ellison and Musk, the Oracle founder, the second richest person in the world, have seen their fortunes increase after the election. Ellison, who is a friend and longtime Republican contributor of Musk, saw his net worth rise by $20 billion as a result of Oracle’s stock price surge.
Coinbase’s CEO Brian Armstrong also increased his net worth by approximately $4.5 billion since Trump won the election. Coinbase share prices have risen 67% in that time.
This cryptocurrency exchange supported crypto candidates through Fairshake PAC. It also helped to create a more favorable regulatory climate for the industry.
Tesla’s finances have been further boosted by the rally of cryptocurrencies. Bitcoin has reached a new record-high price, surpassing $88,000.
The positive developments for Musk’s empire paint a picture of a Trump-led presidency.
The following post Trump’s win increases Musk’s wealth by $70 Billion as Tesla Stock Surges may be updated as new developments unfold.
