Car industry Tesla share price drives up Musk's fortune
The recent rise in Tesla's share price has significantly boosted Elon Musk's fortune, while his connection to Donald Trump is causing speculation.
12.11.2024, 05:46
SDA
Tesla's share price has seen a remarkable surge following the US presidential election, making Elon Musk, the company's CEO and main shareholder, even wealthier. In the space of a single day, Musk has increased his lead at the top of Bloomberg's billionaire rankings by over 20 billion dollars. His fortune, which largely consists of Tesla shares, is now estimated at 335 billion dollars.
In comparison, Amazon founder Jeff Bezos is in second place with a fortune of 228 billion dollars. However, the fortunes of the super-rich are heavily dependent on the share prices of their companies. On Monday, the value of Tesla shares rose by nine percent to 350 dollars, valuing the company at over 1.1 trillion dollars on the stock exchange.
Musk's closeness to Trump and its impact
During the election campaign, Musk supported the ultimately victorious Donald Trump and became one of his closest advisors. According to CNN, Musk has spent a lot of time with Trump since the election, making recommendations for government appointments. Trump has also hinted at entrusting Musk with reducing government spending.
Investors are speculating that Tesla could benefit from Musk's closeness to the future president. However, the car manufacturer is the focus of several investigations by US authorities and is facing slowing growth in the electric car market.
