The Billionaire’s Windfall: Elon Musk’s Trump Connection
A Lucrative Investment
Elon Musk, the visionary entrepreneur behind Tesla, SpaceX, and X, has reaped a staggering reward from his significant investment in Donald Trump’s presidential campaign. With an estimated $130 million spent on supporting Trump’s bid, Musk’s net worth has skyrocketed by $70 billion, putting him at an unprecedented $320 billion.
Tesla’s Soaring Success
Musk’s electric vehicle giant, Tesla, has seen its stock price surge by 39% in just four trading days since the election, catapulting its market capitalization beyond $1 trillion. This phenomenal growth has solidified Musk’s position as the world’s richest person, with a comfortable $90 billion lead over Oracle founder Larry Ellison.
Musk’s Multi-Faceted Support
Musk’s backing of Trump went beyond mere financial support. He actively campaigned for the president, registering right-leaning voters, leading rallies, and even offering $1 million giveaways to encourage voter registration. Additionally, Musk utilized his social media platform, X, to promote Trump’s candidacy and disseminate information about his opponent, Vice President Kamala Harris.
Influence and Access
With Trump’s victory, Musk has gained unparalleled access to the White House. He briefly joined Trump’s call with Ukrainian President Volodymyr Zelenskyy and has reportedly weighed in on staffing decisions for the next administration. Musk’s presence at Trump’s Mar-a-Lago resort in Florida has also raised eyebrows.
Regulatory Reprieve
As Trump prepares to take office, Musk can expect a more favorable regulatory environment for his business empire. With the executive branch holding significant sway over federal agencies, Musk may see a reduction in the 19 ongoing federal investigations and lawsuits against Tesla, SpaceX, and X.
Other Winners
Musk isn’t the only tech billionaire to benefit from Trump’s victory. Coinbase CEO Brian Armstrong has added $4.5 billion to his net worth, thanks to a surge in cryptocurrency prices. The crypto exchange’s shares have soared 67% since the election, setting the stage for a more favorable regulatory environment for the industry.
A Golden Era for Musk
Gene Munster, a longtime Tesla bull, believes Musk’s fortunes will continue to rise under a Trump presidency. With SpaceX and xAI also poised to benefit from the new administration, Musk’s business empire is likely to thrive in the coming years. As Munster aptly put it, “He’s got the golden touch right now and has the ear.”
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