Ananya Gairola, Benzinga Staff Writer November 11, 2024 9:32 PM | 3 min read — Dan Ives (@DivesTech) November 12, 2024 Why It Matters: Following Trump’s victory, Musk’s net worth soared by $26.5 billion in a single day, lifting his total wealth to an unprecedented $290 billion. This increase was largely due to the post-election rally of Tesla’s stock. At the time of writing, Musk had a net worth of $335 billion. Musk endorsed Trump and campaigned for him online and on the ground in the key state of Pennsylvania. Meanwhile, the President-elect has previously announced plans to establish a government efficiency commission, led by Musk. Before the election, Musk had warned of potential “hardship” if Trump appointed him to lead government efficiency efforts, aiming to reduce federal spending drastically. Last month, Tesla reported third-quarter revenue of $25.18 billion, marking an 8% year-over-year increase. However, it fell short of the Street’s consensus estimate of $25.37 billion, according to data from Benzinga Pro. Price Action: Tesla shares closed Monday with an 8.96% gain, finishing at $350. In after-hours trading, the stock continued to climb, reaching $357.98 at the time of writing. Read Next: