Elon musk
Elon Musk’s support for President-elect Donald Trump has proved financially advantageous, with his net worth exceeding $300 billion on Friday—primarily driven by Tesla’s market capitalization surpassing $1 trillion.
Musk, who contributed nearly $120 million to a pro-Trump super PAC, reached a net worth of $304 billion as of Friday, according to Forbes. His wealth calculation includes his 20% stake in Tesla and approximately 42% ownership in SpaceX.
As of November 2020, around 75% of Musk’s wealth came from his stake in Tesla.
“Tesla and CEO Elon Musk are arguably the biggest beneficiaries of the election outcome. We believe Trump’s victory will accelerate regulatory approval of the company’s autonomous driving technology,” commented Garrett Nelson, a senior equity analyst at CFRA Research.
Under a Trump administration, Musk may seek favorable regulations for Tesla’s autonomous vehicle plans and potentially influence the U.S. National Highway Traffic Safety Administration to delay any enforcement actions related to the safety of Tesla’s driver-assistance systems, a source told Reuters.