Donald Trump’s election victory has been great for investors but it’s been even better for Elon Musk, chief executive of electric vehicle maker Tesla, and new efficiency advisor for the incoming government.
Elon Musk’s net worth has jumped since the election earlier this month.
The billionaire, who became a key ally of the president-elect on the campaign trail, has seen his wealth soar in the three weeks since the result became clear, cementing his status as the world’s richest person.
He has also been asked to lead the new Department of Government Efficiency, or DOGE, in his administration. It’s a reference to Dogecoin, the popular cryptocurrency that Musk has often touted.
Musk’s net worth has jumped $70 billion since Nov.5, according to the Bloomberg Billionaires Index. That’s around the market capitalization of logistics giant FedEx or industrial conglomerate 3M. Musk’s wealth stood at $334 billion at the end of trading Wednesday, after reaching a new peak of $348 billion to close out the previous week.
The majority of Musk’s wealth comes from Tesla stock, approximately $137 billion according to the index. The electric-vehicle maker’s shares have risen 32% since election day.
Other billionaires haven’t had it quite as good. Meta Platforms’ Mark Zuckerberg, currently the third wealthiest person in the world, has actually lost money.
Zuckerberg’s wealth stood at $203 billion on election day but has fallen by a cool billion to $202 billion since then. Again, most of the Facebook founder’s net worth comes from Meta stock, which has dropped 0.6% since Nov.5.
Nvidia CEO Jensen Huang is also poorer than he was on election day, though that’s largely due to the AIchip maker’s stockfalling 7% since its earnings on Nov.20. The president-elect’s tariff threats toward China haven’t helped either. Huang wealth stood at $118 billion on Thanksgiving, down from $122 billion three weeks ago.
Google co-founder Larry Page’s net worth is unchanged from election day—at $153 billion. Page’s wealth did grow to $163 billion a week after Trump’s victory but Alphabet’s shares have slumped since, after the Justice Department said the company should beforced to sellits web browser Chrome.