Forbes or Bloomberg Billionaires Index

Tesla Shares Surge 15% After Trump Win; Musk's Net Worth Hits $285 Billion

Nov 6, 2024, 06:00 PM

Tesla shares surged as much as 15% on Wednesday to reach a 15-month high following Donald Trump's reelection as U.S. president. Investors are betting that Elon Musk's electric vehicle company will benefit from favorable policies under the new administration, such as potential federal regulation of autonomous vehicles and full self-driving technology. The stock jump added nearly $20 billion to Musk's net worth, bringing it to around $285 billion, an increase of almost 8%. Bank of America raised its price target for Tesla shares from $265 to $350 and maintained a 'buy' rating, citing potential regulatory advantages under Trump's presidency. During his victory speech, Trump praised Musk as a 'super genius' and 'a new star' for his achievements with SpaceX and Starlink. Musk had strongly backed Trump's campaign in the closing months of the race.