Musk became rich after Trump's victory
news.online.ua
Sat, 23 Nov 2024 21:11:05 +0200
What is known about the record growth of Musks fortune after Trumps victory in the US electionsAccording to the journalists of the publication, shares of the Tesla company increased by 3.8 in just one day, and since the beginning of November, the company has increased its own market capitalization to about 350 billion dollars.Investors also have strong interest in Musks artificial intelligence startup xAI, which has a market value of 50 billion.
Since May, the value of the startup has doubled.In addition, it is expected that in connection with the planned sale of SpaceX shares, the value of the companys shares may increase to 250 billion dollars.Elon Musk, who remains the richest person in the world, broke his own wealth record set in November 2021.
More than twothirds of his fortune is in Tesla stock and options, which have risen 35 in value since the election.What is known about Musks support for Trump in the electionsMusk took an active part in the election campaign of Donald Trump, investing more than 170 million dollars in it.The new presidents team plans to reform the legislation on selfdriving cars, which could facilitate the mass adoption of such vehicles and give Tesla a significant competitive advantage.In addition, Musk is to become cochair of the newly created Department of Government Efficiency, whose task will be to reduce bureaucracy and regulations.The Trump administrations proposals also include reducing subsidies for electric cars and relaxing environmental regulations, which could hurt traditional automakers but benefit Tesla, which is less dependent on government support.
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