Elon Musk’s net worth has surpassed $300 billion, with his EV company Tesla recently breaching $1 trillion in market cap. The world’s richest man has seen his Net worth rise $11 billion in less than 24 hours, a 3.8% increase.
Musk was one of the biggest winners of the recent US election, which saw Donald Trump win a second term in office. Trump previously made the promise to bring on the Tesla CEO to his cabinet in a new role, backing Musk as a genius. ““Let me tell you, we have a new star. A star is born—Elon,” Trump said in his victory speech Wednesday. “[Musk is] a character, he’s a special guy, he’s a super-genius. We have to protect our geniuses—we don’t have that many of them.”
JUST IN: Elon Musk’s net worth rises to $300,000,000,000. pic.twitter.com/veqqsJFPh7
— Watcher.Guru (@WatcherGuru) November 8, 2024
Musk’s promised role reportedly involves heading a finance domain dubbed “Department of Government Efficiency, or DOGE,“ a realm heavily invested in carrying out budgeting and financial duties. In one of his recent interviews, Musk shared how he can easily eliminate $2 trillion worth of budget to ensure the smooth functioning of the US economy. “You think we can rip off this wasted $6.5 trillion Biden budget,” he asked. “Well, I think we can do at least $2 trillion. Yeah, yes, two trillion. At the end of the day, you’re being taxed; you’re being taxed—all government spending is taxation.”
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Tesla Stock To Continue Growth Following Trump Win and Elon Musk Cabinent Appointment
Tesla (TSLA) and Nvidia (NVDA) represent some of the biggest gainers after Trump’s election victory but are certainly not alone. TSLA has been the key performer, increasing 14.7% as of Thursday and trading at a $288 level. Additionally, the value increase has only been a benefit to its market cap. The company is currently at a value of $923.199 billion post-election. The gains have helped Elon Musk’s net worth boom in the last 48 hours.
Tesla could soon encounter a surge in its stock prices, which could help the firm score a new price high. Musk’s cabinet role stint can help in making significant policy changes, which could help SpaceEx and Tesla encounter swift ecosystem growth.
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Tesla stock is already up over 27% this week, seeing a 6% jump Friday alone at the start of trading. The market cap of the EV maker is up over $200 billion since the election. This surge is prompting bank firms and market experts to hike up their predictions for Tesla stock.
On Thursday, analysts at BofA Securities raised their price target on Tesla to $350 from $265, saying the U.S. election supports the company’s growth trajectory. “In our view, a Trump administration could ease regulations, supporting TSLA’s growth trajectory,” analyst John Murphy stated.