as his net worth surged past the $300 billion mark on Friday — much of it due to Tesla’s market capitalization surpassing $1 trillion.“Tesla and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump’s victory will help expedite regulatory approval of the company’s autonomous driving technology,” said Garrett Nelson, senior equity analyst at CFRA Research.
It has been the world’s most valuable automaker for years, with Japan’s Toyota Motor, BYD and others trailing by several hundred billion dollars.According to Forbes, Musk overpaid for X, which as of August was worth nearly 70% less than the $44 billion price tag.Musk has donated more than $100 million to help elect Trump. He is seen above at a Trump rally in Madison Square Garden on Oct. 27.
Trump has said he would tap Musk to lead a new government efficiency commission. Musk has said at least $2 trillion could be cut from the $6.75 trillion federal budget.