Elon Musk’s wealth has surged since Donald Trump’s electoral victory, despite a recent setback in his Tesla compensation package. The billionaire is now the world’s richest person and holds significant influence over federal spending and regulation due to his close ties with President-elect Trump.
Musk was already wealthy before the election but has seen his power and finances increase significantly. His company, Tesla, has benefited from a potential regulatory framework for self-driving cars, with its share price jumping 40% since the election. SpaceX is also poised to sell shares in a deal valued at $350 billion, further increasing Musk’s wealth.
Musk faces no significant financial hit due to the Delaware judge’s ruling, as his company will likely attempt to replace the compensation package on appeal. However, creating a new plan could come with unintended consequences such as higher costs and dilution of shares. Despite this, investors believe SpaceX is poised for a windfall in federal business.
With Trump in office, Musk is well-positioned to directly influence federal spending and regulation, potentially benefiting his expansive business empire. The Tesla board has shown its willingness to prioritize Musk’s happiness, ensuring his continued wealth and power.
Source: https://www.axios.com/2024/12/03/elon-musk-tesla-trump-election