a media Report Quoting Bloomberg Billionaire Index, it has been told that Musk’s wealth has increased by about $ 26.5 billion to about $ 290 billion. Musk played an important role in Trump’s election campaign. He also had a prominent place among those who donated to Trump. After this victory, Tesla’s share price has increased. Investors hope that Musk, who supported Trump in the election, will benefit from this victory.
Tesla’s competitors may suffer big losses due to the new government’s reduction in subsidies for EVs in America. Apart from this, 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. Tesla’s stock rose more than 14 percent on Wednesday after Trump’s victory. However, there was a huge fall in the shares of other EV companies. Tesla ranks first in the EV market in America with more than 48 percent share.
Tesla has faced difficulties in the last few quarters. There was a decline in both sales and profits of the company in the first half of this year. It is facing tough competition from EV companies like China’s BYD. However, the company’s profit increased by about 17.3 percent in the third quarter. Tesla’s full self-driving system is also being investigated in America. During the election campaign, Trump had said that if he becomes the President of America for the second time, he will offer Musk to take charge of a new department to minimize the obstacles from the bureaucracy. Musk gets about 75 percent of his wealth from Tesla shares. Along with this, Musk is also the chief of SpaceX related to space sector, social media platform X (earlier Twitter) and xAI related to Artificial Intelligence (AI).
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Electric Vehicles, Manufacturing, Tax, Election, Market, Tesla, Demand, Sales, Donald Trump, Government, China, Elon Musk, Donation, EV, Networth