Elon Musk’s net worth has skyrocketed to $314 billion, making him the richest person in the world, after Tesla’s value went over $1 trillion on Friday. This big jump means his wealth increased by $17.4 billion, mostly because people are hopeful about what Donald Trump’s re-election could mean for the electric vehicle industry.
Tesla’s stock went up by 28% over three days, and on Friday, it rose by more than 10% to almost $330 before ending at $321, which is an 8% increase. This big growth has doubled Tesla’s value in the last six months, bringing it back to the $1 trillion level it last reached in early 2022.
Musk’s wealth is mostly from his 13% share in Tesla, which is worth about $130 billion. Another 9% share is still being argued about in Delaware. Even with these gains, Tesla’s stock is still about 25% lower than its highest point in late 2021, which was $415.
The electric vehicle giant’s success goes beyond its own performance, as the whole market is excited about possible changes in policies that could help big US companies. Other American car makers, Ford and General Motors, also did well, with their shares going up by 7% and 8% respectively.
