Tesla share price shoots up Musk becomes 12 billion dollars richer overnight
Elon Musk has probably chosen the right side. With Donald Trump virtually certain to become the new US president, Tesla shares are soaring: Musk earns 12 billion dollars - in one night.
No time? blue News summarizes for you
- Elon Musk benefits considerably from a 15 percent jump in the Tesla share price.
- This should make him 12 billion dollars richer.
- Bitcoin and other cryptocurrencies also skyrocket on election night.
Elon Musk, known as the richest person in the world, has gained considerably in wealth as a result of the latest developments in US politics, as Bild writes. The entrepreneur, who supported Donald Trump during the election campaign, can look forward to a large chunk. Tesla shares shot up as a result of the election results in the US election campaign.
Speculation about Trump's possible election victory caused Tesla shares to rise by an impressive 15 percent outside of regular trading hours.
On Wednesday morning, the Tesla share price reached 261.65 euros, increasing the company's value from 93 billion euros to 715.4 billion euros. Musk's 13 percent stake in Tesla means an increase of around 12 billion euros in just one night.
Musk supports Trump in election campaign
Musk invested 75 million dollars in Trump's election campaign, which turned out to be an extremely lucrative decision. Trump praised Musk in his victory speech, underlining the close connection between the two men. Musk himself was delighted with the election result and expressed optimism about the future.
While Tesla is listed on the stock exchange, the values of Musk's other companies such as SpaceX, The Boring Company and the social network X (formerly Twitter) remain unclear as they are not listed on the stock exchange. Nevertheless, SpaceX could benefit from new government contracts.
Cryptocurrencies gain massively in value
Bitcoin in the Trump hype: the best-known cryptocurrency surpassed its previous high of 73,797.98 dollars, which was reached in March. This was driven by the prospect of regulatory easing in the event of Donald Trump's victory in the US presidential election held on Tuesday. The Republican presidential candidate had announced that he wanted to "make America the crypto and Bitcoin capital of the world". He also said that he would be "the pro-innovation, pro-Bitcoin president that America needs".
Trump is thus setting himself apart from the government of US President Joe Biden, which is in favor of regulating cryptocurrencies. These enable digital payment transactions without being controlled by banks.
Cryptocurrencies such as Dogecoin, Solana and Sui are also rising in value. On Wednesday morning, Dogecoin temporarily stood at 0.214, which represents an increase of 15 percent. Before that, it was at 0.166.
Solana has risen by 12.5 percent in the last 24 hours. On Tuesday, Solana was still at 161.12 dollars per coin. In the early hours of Wednesday morning, the cryptocurrency recorded a value of 188.29 dollars per coin.
The cryptocurrency Sui recorded an increase of 13.5 percent. The lowest value in the last 24 hours was 1.91 dollars per coin. Sui reached its highest value at 2.34 dollars per coin.