Elon Musk has made it clear this past week that he was very much against Donald Trump’s plans for reciprocal tariffs. However, after the 90-day pause was announced by the president, the tech billionaire has seen shares in his companies rocket. So has he changed his tune now his palms have received a little grease?
Tesla stocks soared Wednesday afternoon after the president backtracked on his tariff policy. The move, which was branded as “one of the greatest days in American economic history” by Trump trade advisor, Peter Navarro, saw the S&P 500 rise by 9.5% (a historical gain which hasn’t been seen since 2008).
How much money did Elon Musk make?
According to Axios.com, Tesla stock had risen by an impressive 18% to around $262 per share by mid-Wednesday afternoon after months of steady decline. Meanwhile, Economictimes reported a 23% jump by the end of the day. Although it’s still down about 31% year-to-date with shares being worth almost $380 at the start of 2025.
Regardless, Musk is no doubt feeling pretty relieved by Trump’s decision which saw Tesla gain over $100 billion in market capitalization compared to Tuesday. Musk himself reportedly added around $36 billion to his fortune.
The Tesla CEO is still in trouble
But Musk isn’t out of the woods yet. His close association with Donald Trump has seen stocks plummet and the public’s perception on Tesla is pretty bad right now. Attacks on Tesla showrooms and videos of people vandalizing his cars have all contributed to the company’s downward trajectory. People are boycotting Musk products and it’s really hurting his wallet — guess that’s what happens when you associate yourself with Trump.
Furthermore, the president’s huge tariffs on China will likely continue to have a severe effect on Tesla. Due to the increasing tensions between the U.S. and China the company has suspended orders in China which will only further damage Musk’s bottom line. The taxes on imports simply make it too expensive to do business there.
Musk’s criticisms of the tariffs
Over the past week the billionaire has made his thoughts on Trump’s tariffs known. He called Navarro a “moron” and claimed he advised against the trade policy. This comes as rumors of Musk’s departure from his advisory role have been swirling. We all knew it was only a matter of time before he and Trump butted heads.
While he may have made a profit from the tariff backtrack it’s doubtful his opinion on the matter has changed much. The new taxes have led to economic uncertainty and the trade relations between the U.S. and China have all but deteriorated.
Published: Apr 11, 2025 08:43 am