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, AzVision.az reports, citing Fox Business.
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.
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.
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.
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."
AzVision.az
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