Elon Musk makes big profits, spends 200 million but earns 70 billion USD

(CLO) Billionaire Elon Musk's Super PAC campaign committee spent about $200 million to help Donald Trump run for election, and after his victory, Musk became about $70 billion richer.

The billionaire CEO of Tesla and SpaceX has donated the bulk of his money to America PAC, an organization focused on first-time and less likely voters, according to people familiar with the matter.

America PAC provides the world's richest man with a virtually unlimited source of money to support Mr. Trump's campaign, boosting voter turnout in Republican-leaning areas of the country while reaching out to voters who once leaned Democratic.

Elon Musk at a campaign rally for Donald Trump on October 5. Photo: Reuters

The plan worked. Trump’s turnout in battleground states surged. Late in the campaign, the president-elect acknowledged Musk’s role in the race. “We have a new star born — Elon!” Trump said at his election night party in Florida.

More than just spending money, the billionaire businessman became one of Trump’s most high-profile surrogates in the final months of the campaign, often appearing on stage with the Republican candidate. Musk’s endorsement opened the door for Trump to a world of young people who admire Musk.

In turn, Mr. Trump’s victory added $70 billion to Musk’s fortune. The bulk of Musk’s wealth is in his stake in Tesla. In the four trading days since the election, the electric carmaker’s stock has soared about 39%. That has pushed the company’s market capitalization above $1 trillion.

Musk's net worth has risen to $320 billion, putting him nearly $90 billion ahead of Oracle founder Larry Ellison, the world's second-richest person, according to Forbes. Ellison, Musk's close friend and former Tesla board member, is a longtime Republican donor and saw his net worth increase by about $20 billion with Oracle's 10% gain following Trump's victory.

In addition to Tesla, SpaceX has also benefited from the Trump presidency. Musk’s artificial intelligence company xAI could also be rewarded as the new administration considers AI regulations.

Musk and Ellison aren't the only billionaire tech executives to enjoy unexpected post-election gains.

Coinbase CEO Brian Armstrong has added about $4.5 billion to his net worth since Trump’s victory. Coinbase shares jumped 20% on Nov. 11.

Hoai Phuong (according to AP, CNBC)

Source: https://www.congluan.vn/bau-cu-my-2024-elon-musk-lai-lon-chi-200-trieu-nhung-thu-ve-70-ty-usd-post320997.html