Tesla Stock Rally Boosts Elon Musk's Fortune By 35.9 Billion

American businessman Elon Musk's wealth skyrocketed by 35.9 billion in just one day following a dramatic 22.25 rise in Tesla's share price, according to the Bloomberg Billionaires Index.

The electric vehicle manufacturer's market capitalisation hit 876 billion, with shares trading at 271.22 as of 3 p.m. ET on Wednesday. This jump was fuelled by a robust market rally sparked by positive U.S. political developments and improved investor sentiment.

Tesla's performance outpaced broader market gains on Wednesday, with the S P 500 climbing 7.2 and the Nasdaq Composite rising 9.7.

The surge followed President Donald Trump's announcement of a 90-day pause on reciprocal tariffs for most U.S. trading partners - excluding China - easing trade tensions and boosting investor confidence.

Tesla stood out as a key beneficiary of the rally, with its stock gaining 18.5 by midday - far exceeding broader market growth. Currently, Tesla's stock is well within its 52-week range of 138.80 to 488.54.