94Ha Viewpoint
Tesla, the American electric vehicle manufacturer, continues to see a rise in its stock price, with an 8.96% increase in overnight trading. As a result, its CEO Elon Musk’s net worth has also soared to $320.2 billion USD (approximately $427.4 billion SGD).
Real-time data from the Forbes billionaire list shows that Musk currently holds the position of the world’s richest person, with a net worth $884 billion USD higher than Larry Ellison, the founder of Oracle, who ranks second.
During the recent U.S. presidential election, Musk openly supported the Republican candidate, Donald Trump, for several months. His affiliation with Trump led to a continuous surge in Tesla’s stock price after the election results were announced.
According to Reuters, as of the close of trading on November 11th, Tesla’s stock price had skyrocketed by nearly 28% since the day Trump won the election.
Analysts believe that Musk’s vocal support for Trump may be primarily aimed at ensuring that his companies can benefit from policies of the Trump administration in the future. Dan Ives, an analyst at Wedbush Securities, stated in an interview with CNBC that investors appreciate Musk’s strategic vision because the presidency has a significant impact on crucial areas such as artificial intelligence and automation. A Trump victory would change the “game rules” in these areas.
Among Musk’s companies, including Tesla, which is developing self-driving technology, SpaceX, the space exploration technology company, and Neuralink, the brain-machine interface company, all to varying degrees, may require policy support from the White House for their future development.
