Tesla Chief Elon Musk Gets Windfall Benefit After Win of Trump in US, Wealth Increases to More than USD 334 Billion

Electric vehicle (EV) maker Tesla chief Elon Musk has benefited greatly from Donald Trump’s victory in the US presidential election earlier this month. The wealth of Musk, the world’s richest person, has increased to more than $334 billion. His stake in Tesla contributes significantly to his net worth.

Musk supported Trump in this election. He also had a major stake in the donations given for Trump’s election campaign. Musk holds about 13 percent stake in Tesla and about 42 percent stake in rocket company SpaceX. Apart from this, he is also the chief of social media company X and Neuralink. One of Forbes Report According to , SpaceX plans to launch a tender offer in December. This may increase Musk’s wealth by approximately $18 billion. The new government’s reduction in subsidies for EVs could hurt Tesla’s competitors. Apart from this, Trump also plans to increase tariffs on imports from China.

The new government led by Trump will take office early next year. Musk is also going to get an important role in this. Trump has asked Musk and Indian-origin Vivek Ramaswamy to take charge of the Department of Government Efficiency. This will be a new department in the American government.

This department was initially proposed by Musk. Trump had said during the election campaign that the new department would reduce the bottlenecks of bureaucracy. This department is also being called ‘DOGE’. This is also the name of Musk’s favorite meme coin. Trump said that the goal of this department will be to reduce bureaucracy, reduce unnecessary regulations, cut unnecessary spending and restructure federal agencies. However, Musk’s role in this department can also become an issue of conflict of interest. Musk’s Tesla and SpaceX related to space missions have received billions of dollars from government contracts and policies. Trump also plans to increase tariffs on imports from China. This could have a major impact on the sales of Chinese EV makers in America.