Former Council of Economic Advisors Chair Jason Furman discusses whether President-elect Trump and Elon Musk can cut $2 trillion from the U.S. budget on ‘Cavuto: Coast to Coast.’
Tesla CEO Elon Musk’s net worth rose billions of dollars on Wednesday as investors reacted to President-elect Trump winning the election, according to Forbes.
Trump, whom Musk has actively supported, was declared the winner overnight, beating Vice President Kamala Harris.
The stock price for Tesla, which the billionaire CEO has a 13% holding in, has risen by a double-digit-percentage since the start of Wednesday trading.
TESLA STOCK SURGES AFTER TRUMP WINS PRESIDENCY
Amid that rally, Musk’s fortune climbed by $15 billion by mid-morning, Forbes reported, and rose even higher to $286 billion as of the early afternoon. Forbes’ real-time tracker showed his net worth has gone up over $20 billion so far Wednesday.
Elon Musk on stage before former President Trump speaks at a rally at Madison Square Garden in New York on Oct. 27, 2024. (Jabin Botsford/The Washington Post via / Getty Images)
At that level of wealth, Musk remained richer than anyone else on the planet and over $60 billion wealthier than the person with the second-highest net worth, Amazon founder Jeff Bezos, according to the outlet.
The optimism about Tesla comes as some see a potential upside for the electric vehicle maker under the Trump administration.
Tesla cars sit parked at a dealership on May 31, 2024, in Corte Madera, California. (Justin Sullivan / Getty Images)
Major stock indices – including the Dow Jones Industrial Average, S&P 500 and Nasdaq composite – have also gone up during the day after Election Day.
TRUMP’S WHITE HOUSE WIN SENDS DOW UP 1,000 POINTS
Election Day was closely watched by Trump, Harris, business leaders, investors and the general public alike.
Early Wednesday, Musk shared a photo on X, the social media platform he owns, that showed him talking with Trump at the now-president-elect’s election night event.
The billionaire CEO has tweeted that the “people of America gave @realDonaldTrump a crystal clear mandate for change tonight” and that the “future is gonna be fantastic.”
Elon Musk speaks during Trump’s rally at Madison Square Garden in New York, Oct. 27, 2024. (Angela Weiss/AFP via / Getty Images)
As of early Wednesday afternoon, Trump has won 292 electoral votes while Harris has notched 226, with three states – Nevada, Arizona and Alaska – yet to be called, according to Fox News.