According to Forbes, Tesla CEO Elon Musk’s net worth rose by billions of dollars on Wednesday as investors reacted to President-elect Trump winning the election.

Trump, who has actively supported Musk, was declared the winner overnight, defeating Vice President Kamala Harris.

Tesla’s stock price, in which the billionaire CEO has a 13% stake, has risen by a double-digit percentage since the start of trading on Wednesday.

TESLA SHARES RISE AFTER TRUMP WINS PRESIDENCY

That rally saw Musk’s fortune rise by $15 billion by mid-morning, Forbes reported, and soar even higher to $286 billion by early afternoon. Forbes’ real-time tracker showed that his net worth has increased by more than $20 billion year to date.

Elon Musk on stage before former President Trump speaks during a rally at Madison Square Garden in New York on October 27, 2024. (Jabin Botsford/The Washington Post via / Getty Images)

At that level of wealth, Musk remained richer than anyone on the planet and more than $60 billion richer than the person with the next highest net worth, Amazon founder Jeff Bezos, the outlet said.

The optimism about Tesla comes as some see a potential upside for the electric vehicle maker under the Trump administration.

Tesla cars are parked at a dealership in Corte Madera, California on May 31, 2024. (Justin Sullivan/Getty Images)

Major stock indexes – including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite – also rose during the day after Election Day.

TRUMP’S WHITE HOUSE WIN SENDS DOW UP 1,000 POINTS

Election Day was closely watched by Trump, Harris, business leaders, investors and the general public alike.

Early Wednesday, Musk shared a photo on X, the social media platform he owns, showing him talking to Trump at the now president-elect’s election night event.

The billionaire CEO tweeted that “the American people tonight gave @realDonaldTrump a crystal clear mandate for change” and that “the future will be fantastic.”

Elon Musk speaks during Trump’s rally at Madison Square Garden in New York, October 27, 2024. (Angela Weiss/AFP via / Getty Images)

As of early Wednesday afternoon, Trump has won 292 electoral votes, while Harris has won 226, with three states – Nevada, Arizona and Alaska – still to be declared, according to Fox News.

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