Published: November 7, 2024 11:41 AM IST 
With Donald Trump’s victory in the U.S. presidential election, the American stock market saw a powerful rally. Amid this surge, Tesla’s stock soared by an impressive 14%, giving a massive boost to Elon Musk’s wealth.
The stock market’s post-election rally significantly benefited Elon Musk, the world’s richest person. According to the Bloomberg Billionaires Index, Musk’s net worth surged by $26.5 billion (over Rs 22,32,650 crore). With this sharp increase, his net worth climbed to $290 billion.
The stock market boom positively impacted other billionaires too. Amazon’s Jeff Bezos made $7.14 billion in just 24 hours, bringing his net worth to $228 billion. Additionally, Oracle’s Larry Ellison gained $9.88 billion, Google co-founder Larry Page saw a $5.53 billion rise, and Warren Buffett earned $7.58 billion.
Shares of Tesla soared Wednesday following an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race. Tesla stands to make significant gains under a Trump administration due to its size, with the expectation that subsidies for alternative energy and electric vehicles will be threatened.
While that would be a negative overall for the industry, it could give Tesla an advantage because of market share. Shares of rival electric vehicles sank sharply Wednesday. Tesla shares jumped 14 per cent at the opening bell. Trump has proposed tariffs of 10 to 20 per cent on foreign goods that would also impact electric vehicle maker’s outside the US, especially in China.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Shares recovered from early losses in Asia on Thursday after U.S. stocks stormed to records as investors wagered on what Donald Trump’s return to the White House will mean for the economy and the world.
Markets also were turning their attention to the Federal Reserve’s decision on interest rates, due later in the day. Japan’s Nikkei 225 was down 0.1% at 39,458.86, while the Kospi in Seoul rebounded to pick up 0.5%, to 2,576.30. Australia’s S&P/ASX 200 edged 0.1% higher to 8,204.80.
(With Inputs From PTI)
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