Tesla’s stock surged by 12% on Wednesday morning, boosting the share price to over $288 by early afternoon and pushing the company’s stock past its 52-week high of $273.54 set on October 27. This jump added nearly $20 billion to CEO Elon Musk’s net worth after Donald Trump was re-elected as president and offered notable praise for the world’s wealthiest person.
Wedbush Securities analyst Dan Ives had previously commented that a Trump presidency could generally pose challenges for the electric vehicle (EV) industry. However, he described the outlook as particularly favorable for Tesla, given its unmatched scale and market position. The new administration’s plans to impose tariffs on Chinese imports could also benefit Tesla by limiting competition from Chinese EV makers like BYD and NIO. Ives noted that BYD had recently overtaken Tesla as the world’s largest EV manufacturer, making these potential tariffs significant for Tesla’s U.S. market presence.
Despite expressing past skepticism about EVs, the new president has stated his overall support for the technology. In a March interview, he expressed concern about costs and foreign manufacturing, suggesting that many EVs are “made in China,” though he acknowledged his appreciation for American-made EVs.
Following the stock increase, Musk’s net worth rose to an estimated $284.3 billion, with his 13% stake in Tesla growing by $19.9 billion, according to recent valuations. Musk had contributed at least $118 million to his America PAC, making him the second-largest financial supporter of Trump’s campaign, trailing only Timothy Mellon. Musk’s PAC also allocated $1 million to voters in swing states through a brief giveaway, temporarily paused by a Philadelphia court. In September, Trump announced plans to establish a “government efficiency commission,” an idea initially proposed by Musk, who has indicated his interest in leading the agency.
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