Elon Musk’s Support for newly elected President Donald Trump Is well payed His net worth surpassed $300 billion on Friday – much of which is due to Tesla’s market capitalization exceeding $1 trillion.
Musk, who has donated about $120 million to a pro-Trump super PAC, was worth $302 billion as of Friday. according to forbesWho calculated his fortune along with his 20% stake in Tesla Estimated 42% equity in SpaceX.
In November 2020, about 75% of Musk’s wealth was derived from his stake in Tesla.
“Tesla and CEO Elon Musk are probably the biggest winners from the election result, and we believe a Trump victory will accelerate regulatory approval of the company’s autonomous driving technology,” said Garrett Nelson, senior equity analyst at CFRA Research. will gain help in.”
A source told Reuters that under the Trump administration, Musk could push for favorable regulation of autonomous vehicles that Tesla plans and refer the U.S. National Highway Traffic Safety Administration to potential enforcement actions related to the safety of Tesla’s current driver-assistance systems. But you can also ask for a ban.
Musk is also the majority owner of artificial intelligence startup xAI, which he founded last year. Musk’s stake in the company Which is in talks with a new funding round According to Forbes, the value of the company could be up to 40 billion dollars i.e. 60%.
Musk has already crossed the $300 billion limit. Tesla stock reached an all-time high of $407 per share in November 2021. But the company’s shares declined by as much as 72% – falling to $113.06 per share in January last year.
As of Friday, Tesla stock was trading at about $317 per share – about 7% higher than the opening bell.
Tesla shares surged in late October after the company reported a rise in quarterly profit margins, boosted by sales of its highly profitable Full Self Driving driver assistance software.
It has been the world’s most valuable automaker for years, trailing Japan’s Toyota Motor, BYD and others by several hundred billion dollars.
musk Offloaded a large portion of his shares in Tesla to help with finances Their $44 billion acquisition of Twitter, wAfter which its name was changed to X.
According to Forbes, Musk overpaid for X, which was worth about 70% less than its asking price of $44 billion as of August.
Tesla has struggled to maintain its market share in recent years as high inflation has led to weak demand for electric vehicles.
The EV maker has also faced intense competition from rivals in China, where domestic makers like Warren Buffett-backed BYD and Xiaomi have disrupted the market.
Trump has said he would choose Musk to lead a new government efficiency commission. Musk has said that at least $2 trillion could be cut from the $6.75 trillion federal budget.
Musk has abandoned plans to build an economy car priced under $30,000 and has focused on self-driving vehicle technology. However, commercialization of such technologies has been delayed due to development and regulatory barriers.
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