Musk got nearly $27 billion richer when Trump won the election

Tesla shares skyrocketed after Donald Trump was elected US President, helping Elon Musk gain an additional $26.5 billion in one day.

At the close of trading on November 6, shares of electric car company Tesla rose 14.7%, reaching their highest level since July 2022. This helped CEO Elon Musk gain an additional $26.5 billion in just one session. This was also the world's strongest increase yesterday. Currently, Musk owns $290 billion and is still the richest person in the world.

Tesla shares have soared following the re-election of Donald Trump as US President. The electric carmaker is expected to benefit from this, while its competitors in the same industry face an uncertain future.

Billionaire Elon Musk (right) stands next to Republican candidate Donald Trump at an event in Butler, Pennsylvania on October 5. Photo: AP

Musk has been the most prominent supporter of Trump’s campaign this year, spending more than $130 million on the super PAC America PAC, making it a key part of Trump’s bid to retake the White House. In the final weeks before the election, he made headlines when he and America PAC gave $1 million in rewards to voters in battleground states.

Musk has also been active on X to rally support for Trump. The US president-elect has also promised to appoint Musk as the Secretary of Government Efficiency (DOGE).

Despite criticizing electric cars during the campaign, Trump has softened his stance somewhat after receiving Musk's endorsement. He praised the world's richest billionaire for four minutes, praising Musk's aerospace company SpaceX, calling Musk a "special person" and a "super genius."

"Tesla and Musk will benefit greatly from a Trump victory," Daniel Ives, an analyst at Wedbush Securities, told Bloomberg . Tesla would have an advantage over its rivals if the US reduces tax incentives for electric vehicles.

Late last month, the American electric car company announced its third-quarter results, with a profit of $2.5 billion, up 8% from the same period last year. This figure was also higher than analysts' forecasts.

Yesterday, while Tesla’s stock soared, other electric car companies plunged. Rivian Automotive lost 10%, Lucid Group fell 8%. European car stocks also sold off on concerns that Trump would raise tariffs on imported cars.