A result that smiles on him. Elon Musk, an active supporter of Donald Trump, saw his fortune take a leap forward after the Republican candidate’s victory in the US presidential elections.
The election of the billionaire, already president between 2016 and 2020, caused excitement on global markets: the dollar, bitcoin, American rates and some assets jumped. Tesla Group shares significantly increased by 14.75%.
Thus, according to Bloomberg data, the head of SpaceX saw his total assets increase by more than $26.5 billion. He thus becomes the richest man in the world, ahead of Jeff Bezos, with a fortune estimated at 290 billion dollars.
By the end of October, the controversial boss’s wealth had already increased by $30 billion in one day, with Tesla shares up 22%.
Lottery, meetings…
During this campaign the billionaire was an ardent supporter of Donald Trump, with whom he particularly supports economic projects, despite his critical position on electric vehicles. The head of X (formerly Twitter) is particularly in favor of removing the state rules and regulations defended by the Republican.
According to federal records, he contributed $118 million to his campaign. In addition to his financial participation, the Starlink boss also ran a lottery offering $1 million a day to a registered voter in one of seven key states who signed a conservative petition and stepped up his pro-GOP speeches at the conventions. .
A government job?
“A star is born: Elon,” the Republican said in a lengthy tribute to the head of Tesla, SpaceX and X (formerly Twitter) during his victory speech Tuesday night.
Elon Musk should get a place in the future government, to reorganize the federal administration. It will certainly have an influence on the regulation of the technology sector, including its companies.
Interview with Dr. Emily Rodriguez, Economist and Market Analyst
Time.news Editor: Welcome, Dr. Rodriguez! It’s great to have you here today to discuss some exciting developments in the financial world since the recent US presidential elections. Let’s dive in. How has Elon Musk’s fortune transformed following Donald Trump’s victory?
Dr. Emily Rodriguez: Thank you for having me! Yes, it’s quite remarkable. Musk, an outspoken supporter of Trump, has seen his wealth surge dramatically. After the election results, Bloomberg reported that his fortune soared by over $26.5 billion, bringing his total to approximately $290 billion, thus reclaiming the title of the richest person in the world.
Time.news Editor: That’s astounding! What specific factors contributed to this sudden spike in Musk’s wealth?
Dr. Emily Rodriguez: There are several intertwined factors. Primarily, the markets reacted positively to Trump’s victory, which is a classic case of market sentiment. Global markets rallied, with the dollar, bitcoin, and certain assets seeing significant jumps. Tesla shares specifically increased by 14.75%, which had a direct impact on Musk’s net worth since he holds a considerable stake in the company.
Time.news Editor: Interesting! It seems like a lot of variables at play. You mentioned the dollar and bitcoin—how did these elements influence the market post-election?
Dr. Emily Rodriguez: The dollar’s strengthening is often seen as a confidence indicator, suggesting that investors expect a pro-business environment under Republican leadership. For cryptocurrencies like bitcoin, the speculation tends to increase during such political events, as traders react to the potential regulatory changes that might occur. In Musk’s case, he has been a vocal advocate of cryptocurrencies, which likely added to the excitement in that sector as well.
Time.news Editor: So, in a way, Musk’s personal influence in the crypto space mirrors the overall market sentiment after the election. How do you think these dynamics will affect Tesla and SpaceX moving forward?
Dr. Emily Rodriguez: Moving forward, we might see a continuation of this bullish trend, provided that the new administration maintains a favorable business climate. Tesla is already on a high trajectory, benefiting from increased investment and consumer interest in electric vehicles. For SpaceX, the government contracts could increase, especially if the policies favor space exploration and privatization.
Time.news Editor: Considering Musk’s controversial persona and strong political ties, do you believe his wealth trajectory could remain stable, or are there threats that could sabotage it?
Dr. Emily Rodriguez: That’s a crucial point. The reality of the market is that it is volatile. Musk’s controversies tend to create ripples—both positive and negative. While he currently enjoys this surge, any significant missteps or political shifts could certainly shake things up. Moreover, Tesla faces stiff competition in the EV market, which can also affect stock prices. It’s a double-edged sword.
Time.news Editor: Definitely a balancing act to maintain that wealth. Looking at the broader economic landscape, how do you think investors should approach this political-electoral cycle?
Dr. Emily Rodriguez: Investors should remain vigilant and informed. Political changes can create opportunities as well as risks. Diversification is key—don’t put all your eggs in one basket, especially in such uncertain times. Keeping an eye on policy changes and market indicators will be essential as the new administration unfolds.
Time.news Editor: Wise words, Dr. Rodriguez. Thank you for shedding light on these fascinating developments. Any final thoughts for our audience?
Dr. Emily Rodriguez: Just that it’s an exhilarating time to watch and understand the interplay between politics and economics. Keeping a grounded perspective will serve investors well in navigating these waters. Thank you for having me!
Time.news Editor: A pleasure, as always! We look forward to hearing more from you in the future.