(C) Common Dreams
This story was originally published by Common Dreams and is unaltered.
. . . . . . . . . .
Elon Musk is $70 billion richer since Trump victory due to Tesla stock surge [1]
['Ari Levy Lora Kolodny', 'Ari Levy', 'Lora Kolodny', 'In Lorakolodny']
Date: 2024-11-11
Elon Musk on stage before Republican presidential nominee former President Donald Trump speaks at a rally at Madison Square Garden in New York, NY on Sunday, October 27, 2024.
Elon Musk spent $44 billion to buy Twitter, now known as X, and at least $130 million to help get Donald Trump elected president.
It's a combination that's paid off handsomely. Since Trump's victory last week, Musk is about $70 billion richer on paper.
Most of Musk's wealth is wrapped up in his holdings of Tesla , and in the four trading days since the election, the electric vehicle maker's stock has soared by about 39%. That's lifted the company's market cap well past $1 trillion.
Musk's net worth has swelled to $320 billion, according to Forbes, putting him close to $90 billion ahead of Oracle founder Larry Ellison, the world's second-richest person. Ellison, a close friend of Musk's and a former Tesla board member, is a longtime Republican donor who's seen his own Trump bump, with Oracle's 10% increase lifting his net worth by about $20 billion.
For Musk, getting Trump back into the White House became another full-time job. He funded a swing-state operation to register right-leaning voters, and he led rallies as a surrogate for his favored candidate. He started $1 million giveaways to registered voters who signed one of his America PAC petitions, and he faced a lawsuit over running an illegal lottery in Pennsylvania.
Musk also used X, the social media platform he acquired in 2022, to constantly tout his support for Trump while frequently spreading misinformation about his opponent, Vice President Kamala Harris, as well as topics like immigration and voter fraud.
Now, Musk is trying to make sure he cashes in on his investments.
After the election last week, Musk briefly joined Trump's phone call with Ukrainian President Volodymyr Zelenskyy, NBC News reported. Other outlets, including The New York Times and ABC, have reported that Musk has been weighing in on staffing decisions for the next administration, and he's spent a lot of time since the election at Trump's Mar-a-Lago resort in Florida. Brendan Carr, who is likely to be Trump's choice to run the Federal Communications Commission, is seen as a longstanding Musk ally.
[END]
---
[1] Url:
https://www.cnbc.com/2024/11/11/elon-musk-is-70-billion-richer-since-trump-victory-due-to-tesla-surge.html
Published and (C) by Common Dreams
Content appears here under this condition or license: Creative Commons CC BY-NC-ND 3.0..
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/commondreams/
