Elon Musk’s wealth jumps by $170bn since election day after he backed Trump with $277m
The IndependentThe latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Elon Musks’s wealth has jumped more than $170 billion since Election Day, according to a Washington Post analysis, capping off a year that saw the tech billionaire go all in supporting Donald Trump and Republican candidates with a combined $277 million contribution. Musk owns a reported 12 percent of the electric automaker, the world’s most valuable car company, and Tesla shares are up about 70 percent since the election. “Elon stuck his neck out, he made a big bet — and he was right,” Gene Munster, managing partner at investment firm Deepwater Asset Management, told the newspaper of Musk’s recent moves. Musk could have significant sway over federal spending priorities that impact his own businesses through Department of Goverment Efficiency panel Musk, who will co-chair Trump’s non-governmental Department of Government Efficiency initiative, will have an unprecedented position as a business owner, the world’s richest man, a and a key voice in the incoming presidential administration.