07/11/2024
Elon Musk's Risky Gamble on Trump Pays Off
Elon Musk’s reputation and wealth derive from his willingness to make risky bets decades ago with SpaceX and Tesla. None seemed riskier than his high-profile, big-dollar bet on Donald Trump to win the presidency. And like those earlier gambles, this one is likely to pay off by making him the most influential executive in the new administration – and even richer.
Already the world’s wealthiest person, Musk’s net worth grew by $21 billion to $285.6 billion on Wednesday as Tesla shares surged 15% following news of Trump’s victory. The stock closed at $288.53, its highest in over a year. SpaceX, his rocket company that’s become essential for NASA and Defense Department launches, is likely to become an even bigger beneficiary of federal contracts from a Trump government, which would further boost Musk’s wealth.
Source: Forbes