Trump win propels Elon Musk’s net worth by $26 billion to $290 billion: Report

Elon Musk had lifted Donald Trump's ban by X, after acquiring the platform and used the social media platform to promote pro-Trump views in the run-up to the election

Tech billionaire Elon Musk, who has become one of the most high-profile supporters of US President-Elect Donald Trump, saw a massive surge in his wealth shortly after Trump's stunning win in the Presidential election. The owner of Tesla, SpaceX, and social media company X saw his net worth surge by $26.5 billion, or more than 12 percent, to reach $290 billion, according to a report by Mint that used data from the Bloomberg Billionaire Index.

According to the Bloomberg Billionaire Index, Musk's wealth spike occurred immediately after Trump's stunning victory on November 6. Musk, a vocal supporter of Trump during the campaign, has been promised a role leading a government efficiency commission under a potential Trump administration.

Musk had lifted Trump's ban by X, formerly Twitter, after acquiring the platform and used the social media platform to promote pro-Trump views in the run-up to the election. Trump has already expressed his fondness for Musk, saying “he’s as smart as you get” and suggesting that he would love to have Musk as his “secretary of cost-cutting”.

The rally in Musk's wealth was partly driven by a rise in Tesla's stock, which saw a 12.5 percent increase after Trump’s electoral success. Experts, including Frédérique Carrier of RBC Wealth Management, believe that a Trump presidency could boost economic growth by providing corporate tax relief and deregulation, factors that helped drive up market confidence.

“The market believes a Trump presidency will unleash animal spirits and give a boost to growth in the short-term through some relief on corporate taxes and deregulation,” Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia, told Reuters.

The election results also had a positive effect on the US dollar and Bitcoin, with investors anticipating favourable policies for business and innovation under Trump’s return to office.