BAKU – Elon Musk’s net worth soared by a staggering USD26 billion after Donald Trump’s recent victory in the US presidential election, ignited by a rally in Tesla shares, India Today reported.

The single-day jump has elevated Musk’s fortune to USD290 billion, bringing him closer to an unprecedented USD300-billion mark.

Just this year, Musk’s net worth has increased by USD60 billion.

The boost came as Tesla’s shares climbed 14.75 percent to USD288.53 during after-hours trading, with Trump’s pro-business policies seen as a favorable backdrop for Tesla and Musk’s ventures.

Musk, the world’s wealthiest individual and an ardent supporter of Donald Trump, became a focal point during Trump’s victory rally in Florida.

Trump praised Musk in front of a massive crowd, hailing him as “a star.”

Elon Musk’s active support for Trump has been evident throughout the campaign, with the Tesla and SpaceX CEO utilizing his social platform, X (formerly Twitter), to galvanize supporters and even contribute USD120 million toward Trump’s re-election bid.

The close association with Trump’s pro-business stance has lifted investor confidence in Tesla’s future, especially regarding regulatory and tax-related outlooks under the new administration. (AZERTAC)