Entrepreneurs
Elon Musk Gained More Billions than anyone During Trump’s Administration
Tesla co-founder and CEO Elon Musk made more money than anyone from the time Trump was sworn in on January 20, 2017 to the end of his term on January 19, 2021.
According to Forbes, Musk’s net worth to have soared by more than $ 170 billion during the period.
Musk’s shares of Tesla, electric vehicle maker have shot by 1,625% over the last four years outperforming the stock market. Forbes calculated Musk’s current net worth to be $ 184 billion soaring from $12.0 billion from the day that Trump assumed office. Jeff Bezos’s, Amazon’s CEO world’s richest man is worth $190 billion which is $6 billion more than Musk’s worth.
Musk first beat out Bezos on January 8,2021 before Jeff claimed back the tittle, Forbes computed. Despite the growth in net worth, Musk and Trump have had a difficult relationship since 2016. Musk earlier was in service of Trump’s advisory councils backing environmental practicability. Musk however decided to quit when Trump made known to the world in 2017 that the US would abolish the Climate Agreement.
In January, Trump praised Musk by referring to him as one of America’s “great geniuses.” Trump’s support for Musk’s electric vehicles outdid that of the rocket company, Space X, over the past four years, Tesla has beat out investors by launching new vehicles, beating analyst expectations, and increasing deliveries. This is to say that his gains were directly brought about by Trump’s administration.
Musk’s earnings increased when president Joe Biden was elected in late 2020 and democrats reclaimed the senate. The democratic congress in support of Biden is likely to support his climate change docket. Tesla’s rations have increased more than 100% over the past three months, gesticulating Biden’s administration to be affable to electronic vehicles.
Tesla’s stock price skyrocketed when it was included in the S&P 500 index on December 21st 2020. Tesla, the world’s most valuable automaker produced half a million cars in 2020 competing with major companies like TOYOTA and GM.
Article by Lilian Waeni
