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Tesla’s shares on Wednesday skyrocketed by 13% to $286.10 apiece; in the past two days, the stock has surged nearly 18% raising its CEO Elon Musk’s net worth by $20.5 billion to $285.2 billion.
Elon Musk gestures on stage during a rally for ex-US President Donald Trump (Photo: Reuters)
Even as Donald Trump has secured a historic win in the US presidential elections 2024, Tesla CEO Elon Musk’s wealth on Wednesday witnessed a sharp jump of $20.5 billion or 7.73 per cent to $285.2 billion, according to the Forbes’ Real-Time Billionaires list. The world’s richest person vehemently supported Trump’s candidature and also attended his election rallies.
Tesla’s shares on Wednesday skyrocketed by 13 per cent to $286.10 apiece. In the past two days, the stock has surged nearly 18 per cent. Whereas, shares of rival EV maker Rivian plunged 8 per cent and Lucid Group fell 4 per cent. China-based NIO slid 5.3 per cent.
Donald Trump, who secured a historic return to the White House as the 47th President of the USA on Wednesday, endorsed top billionaires during his election campaign, including Elon Musk, Jeff Bezos, Oracle’s Larry Ellison, Meta’s Mark Zuckerberg, and Google’s Larry Page.
Amazon founder Jeff Bezos has also become the world’s second richest person with a total net worth of $222.1 billion. His wealth has surged by $5.7 billion or 2.62 per cent following Trump’s win.
Oracle’s Larry Ellison has become the third richest person after Donald Trump’s win. His wealth has increased by $11.4 billion or 5.47 per cent to $220.5 billion.
Mark Zuckerberg’s net worth, however, fell by $220 million amid a 1.4% fall in Meta’s shares. He is currently the fourth biggest billionaire with a net worth of $197.8 billion.
On the fifth spot comes LV’s Bernard Arnault & family, whose net worth remains stable at $168 billion amid US election results.
US stocks rose sharply Wednesday following a decisive and consequential victory for former President Donald Trump in Tuesday’s US presidential election.
The Dow soared 1,309 points, or 3% in morning trading, reaching a new high. This is the first time the Dow has gained more than 1,000 points in a single day since November 2022. If the Dow maintains its implied gains throughout the trading session, it will mark the fifth-best point gain ever for the index — but nowhere close to a record percentage gain.
The S&P 500 and the tech-heavy Nasdaq both rose by 1.9%.
Markets were mostly juiced by the fact that the election was decided relatively quickly. The election — and the widely held belief that Trump and his allies could contest the result in courts — has served as a cloud over the US economy and stock market in recent months. Markets, in particular, crave certainty, and the clear path forward will allow companies to adjust their business and hiring plans.
