Elon Musk's wealth soars past $300 billion as Tesla shares climb on the back of Trump's election win

• Elon Musk's net worth has soared past $300 billion, according to the Bloomberg Billionaires Index.
• It comes off the back of big stock market gains for Tesla following Trump's election win.

Elon Musk's net worth has surged past $300 billion as Tesla shares climbed following Trump's election win earlier this week.

Musk's fortune stands at $314 billion as of Saturday, up a handsome $50 billion since November 5, according to the Bloomberg Billionaires Index.

That makes Musk the only person with a current net worth of more than $300 billion — Amazon founder Jeff Bezos trails behind in second with $230 billion, while Meta chief Mark Zuckerberg rounds out the top three with $209 billion, per Bloomberg.

The Tesla CEO's soaring wealth — which is shy of his record of around $340 billion in 2021 — follows a bumper week in the stock market for the company, which has seen its shares jump around 28% since Tuesday's close.

The EV maker on Friday reached a trillion-dollar market valuation for the first time since April 2022.

Musk was a big supporter of Trump during the latter's presidential campaign, putting over $100 million of his own money into a super PAC and holding his own rallies to try to get him elected.

And it looks like that might be about to pay off for Musk.

Wedbush analyst Dan Ives said in a note this week that Trump's win could significantly benefit Tesla, as the company is better positioned than competitors should Trump withdraw tax credits and other incentives meant to boost EV sales when he's back in office.

"Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the US market over the coming years," he said.

Ives called Trump's victory a "homerun" for the company.

Musk's other ventures, such as his aerospace company SpaceX, could also benefit during Trump's second term in office.

Francesco Trebbi, a professor of business and public policy at the University of California, Berkeley, previously told BI that a Trump presidency might help the company procure large contracts with the Department of Defense.