The richest man in the world is even richer. The Trump effect

The richest man in the world became even richer. Elon Musk’s net worth reached a record high of $347.8 billion on Friday. Musk broke his previous record from three years ago, when his fortune exceeded $340 billion.

The latest increases are related to the US presidential elections nearly three weeks ago. Musk supported the candidate of the Republican Party, Donald Trump, who decisively defeated US Vice President Kamala Harris and will soon return to the White House after four years. A month before the election, Musk donated almost $75 million to America PAC, a political committee founded by Trump to support his candidacy.

Musk even richer. The Trump effect

Just the day after the election, Tesla shares gained as much as 8%. on the Robinhood platform during the overnight session, which was a clear rebound after six consecutive down sessions.

According to data from the Bloomberg Billionaires Index, Tesla’s shares have increased by about 40% since the US elections. Investors believe Musk’s influence over the Trump administration will usher in an era of deregulation that will benefit the company. Musk himself, Tesla’s largest individual shareholder, is approximately $83 billion richer since Election Day on November 5. On the other hand, such a significant increase in Tesla’s shares may be surprising due to the fact that Trump is not perceived as a supporter of green energy, which includes the production of electric vehicles.

Trump’s inauguration will take place on January 20 next year. The future president is already assembling his future administration. It is already known that Musk, together with Vivek Ramaswamy, will supervise the Department of Government Effectiveness (DOGE). The new department is the idea of ​​Tesla’s owner, it is to function as an external advisory body to the White House, which will allow Trump to fulfill his election promises related to reducing bureaucracy and cutting federal spending.