Elon Musk's Fortune Soars by $13bn Following Trump's Election Victory

The CEO of Tesla and owner of X (formerly Twitter), Elon Musk has witnessed his wealth increase by approximately $13 billion shortly after Donald Trump secured victory in the U.S. presidential election.

This significant boost in Musk's fortune was primarily driven by a 13% rise in Tesla's stock at the market's opening, as investors anticipated favorable conditions for Musk's ventures under Trump's administration.

Musk has been a prominent supporter of Trump, contributing nearly $119 million through a political action committee to back Trump's campaign efforts.

He even conducted interviews with Trump on X, showcasing his strong alliance with the former president.

Despite Trump's skepticism towards electric vehicles—criticizing them as "costly" and "job-threatening" to the traditional auto industry—analysts suggest that Tesla might still thrive. They argue that Tesla could potentially gain a competitive advantage even if federal incentives for electric vehicles are reduced.