Elon Musk‘s wealth is set to rise by around $15billion as Tesla shares soared amid Donald Trump‘s election victory.
The electric car company’s shares were up nearly 15 per cent at $289.44 in pre-market trading today, adding about $113bn to its valuation.
This will increase the billionaire’s fortune by an estimated $15billion, if the share price retains that value by the end of the day, due to his 12.8 per cent stake in Tesla, The Telegraph has reported.
It comes as Trump hailed Musk, who has supported him throughout his presidential campaign, a ‘genius’ in a victory speech.
‘We have a new star, a star is born: Elon,’ Trump said, marvelling at Musk’s SpaceX rocket and the deployment of the Starlink satellite internet service during Hurricane Helene.
‘He’s an amazing guy,’ Trump said. ‘He’s a character, he’s a special guy, he’s a super genius.’
Elon Musk and Donald Trump pictured at a rally together in Butler, Pennsylvania, on October 5
President Donald Trump takes the stage to address supporters at his rally on November 6
Investors welcomed the prospect of a Trump victory as Wall Street futures – bets on what the price of a stock will be at a later date – jumped as the former president appeared poised to defeat Vice President Kamala Harris.
Musk shared a photo on his social media platform X showing him with Trump at an election watch party in Florida, and the Republican candidate singled him out during a celebratory speech.
The tech billionaire staunchly supported Trump during the campaign through America PAC, a political action committee that contributed tens of millions of dollars and doled out $1 million giveaways to registered voters in key states.
‘Tesla shares are rising … due to his special ties with Donald Trump,’ Andrea Tueni, analyst at Saxobank, told AFP.
Trump, Tueni said, ‘owes him a lot’.
Investors are betting that their closeness ‘will turn into something positive for Tesla’, Tueni added.
Trump said during the campaign that, if he won the White House, he would install the tech billionaire at the head of a government efficiency commission to eliminate ‘trillions’ of dollars in wasteful spending.
CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car in 2020
Elon Musk speaks during a rally for Donald Trump on October 5
Elon Musk and his son pictured at an election party for Donald Trump
The rise in Tesla’s shares comes as global stock markets surged amid declarations that Trump had won the presidency for a second time.
London’s stock market rose 0.9 per cent, Paris climbed 1.0 percent and Frankfurt advanced 0.8 percent as they rallied at the start of trading this morning.
Analysts generally assume Trump’s plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Democrat Harris’s policies.
This morning US Treasury yields shot to four-month highs and the dollar surged – putting it on track for its best one-day gain in over two years – while U.S. equity futures were up almost 2 per cent.
In currency markets, the dollar index surged 1.5 per cent to 104.97 , the biggest daily rise since early 2023.
The euro slid 1.7 per cent to $1.0744, falling back from a one-month top of $1.0937 struck overnight.
The dollar jumped 1.5 per cent on the Japanese yen to 153.89 yen , and further away from a low of 151.34.
Bitcoin climbed to a record high of $75,397 and was last up 7 per cent on the day. Trump is seen as more actively supportive of cryptocurrencies than Harris.
Supporters of former US president and Republican presidential candidate Donald Trump cheers near his Mar-a-Lago resort in Palm Beach
President Donald Trump smiles at an election night watch party at the Palm Beach Convention Center
The dollar gained 1.0 per cent on the offshore yuan to 7.1726 yuan, sparking reports Chinese banks were selling dollars to slow the yuan’s decline.
China is seen on the front line of tariff risk, and its currency in particular is trading on tenterhooks with implied volatility against the dollar around record highs.
Chinese stock markets have surged to almost one-month highs as investors expect a meeting of top policymakers in Beijing this week to approve local government debt refinancing and spending. Chinese blue chips lost early gains to turn flat.
Gold prices were choppy with a dip of 0.3 per cent to $2,734 an ounce, off a recent record peak of 2,790.15.
The sharp rise in the dollar pressured oil prices, and other commodities, as it makes them more expensive when buying in other currencies.
U.S. crude shed 1.35 per cent to $71.03 per barrel, while Brent fell 1.4 per cent to $74.47.