Power play: Musk's wealth soars by 12% after Trump's victory

Tesla CEO Elon Musk’s wealth surged by $26.5 billion, over 12 percent, to reach $290 billion shortly after Donald Trump secured a landslide victory in the US presidential election. Shares of Mr Musk’s Tesla and other companies soared as they were seen benefiting from Mr. Trump's return to the White House. 

According to the latest data from the Bloomberg Billionaire Index, Mr Musk’s net worth jumped immediately on Wednesday after the electoral victory of the Republican candidate.

Elon Musk has played a key role in supporting Donald Trump throughout his election campaign. Mr Trump also promised to make the billionaire head of a government efficiency commission. Investors grappled with the far-reaching effects of a Trump presidency, powering the US dollar higher and Bitcoin to a record. 

'Secretary of cost-cutting'

Mr Trump had first revealed plans to appoint a “secretary of cost-cutting” during an interview in October. He also insisted that he would defer to Mr Musk when it came to shutting down various agencies and essentially ‘trimming’ the government.

“I’m going to have Elon Musk — he is dying to do this. You know, he’s a great business guy, actually. You think of him for science and rockets. And every time I think he’s telling me about a new screw that was developed, he’s developed a new screw — screws are difficult — and it’s made out of titanium, and it’s so exciting," Mr Trump said.

"But you know what? He’s a great business guy, and he’s a great cost-cutter. You’ve seen that. And he said: I could cut costs without affecting anybody,” Mr Trump told Fox News during an interaction.

Such an appointment would not be without precedent for Mr Trump. He has displayed a penchant for drafting high-net-worth individuals from the private sector into official roles. 

He nominated five people who were predominantly businessmen as Cabinet secretaries during his first term in office — including Exxon Mobil CEO Rex Tillerson, billionaire philanthropist Betsy DeVos, and former World Wrestling Entertainment CEO Linda McMahon.

(By arrangement with livemint.com)