Tesla CEO Elon Musk's net worth rose by billions of dollars on Wednesday as investors reacted to President-elect Trump's election victory, according to Forbes.

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

Tesla's share price, in which the billionaire CEO has a 13% stake, has risen by a double-digit percentage since trading began on Wednesday.

Tesla shares rise after Trump wins the presidency

Amid this rally, Musk's fortune rose by $15 billion by mid-morning, Forbes reported, and rose even further to $286 billion by early afternoon. Forbes' real-time tracker showed his net worth has increased by over $20 billion so far on Wednesday.

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

That level of wealth left Musk richer than anyone else on the planet and over $60 billion richer than the person with the second-highest net worth, Amazon founder Jeff Bezos, the source said.

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

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

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

Trump's victory in the White House moves up 1,000 points

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

Early Wednesday, Musk posted a photo on X, the social media platform he runs, that showed him talking to Trump at the now president-elect's election night rally.

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

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

According to Fox News, as of early Wednesday afternoon, Trump has won 292 electoral votes while Harris has 226, with three states – Nevada, Arizona and Alaska – not yet announced.

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