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Tesla shares have surged by about 35% since Donald Trump's presidential win, bolstered by Trump's ties to Tesla CEO Elon Musk. Since the election, Tesla has added close to $250 billion to its value, pushing its market cap to over $1 trillion for the first time since 2022.
Tesla is now worth more than Toyota, Ferrari, General Motors, Porsche, and Ford combined.
The company's stock has increased by over 44% overall in the past month, leaving Musk now richer by $70 billion. Musk spent at least $130 million to help Trump get elected.
Musk is the richest person in the world at the time of writing with a total net worth of $320 billion, according to the Bloomberg Billionaires Index. Amazon's Jeff Bezos is in second place with a $235 billion fortune.
Elon Musk. (Photo by Jabin Botsford/The Washington Post via Getty Images)
Musk also has a new responsibility on his plate. On Tuesday, Trump appointed Musk to co-lead the new Department of Government Efficiency with fellow billionaire Vivek Ramaswamy.
The two are tasked with cutting down government spending, restructuring federal agencies, and removing unnecessary regulations. They have until July 4, 2026, or the 250th anniversary of the Declaration of Independence, to meet their goals.
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