Asia Tech Wire (Nov 7) -- Tesla CEO Elon Musk's wealth has increased dramatically after Republican presidential candidate Donald Trump won the 2024 U.S. presidential election, securing his place as the world's richest man.

Tesla shares jumped more than 14% on Wednesday to hit a new high since July 2023, bringing its total market capitalization to about $926.2 billion, making it the 10th most valuable company in the world.

Musk owns more than 411 million Tesla shares, or about 13% of the company's outstanding common stock, making him the largest individual shareholder.

In addition, Musk owns significant stakes in social media platform X (formerly Twitter) and space exploration technology company SpaceX.

According to the latest Bloomberg Billionaires Index, Musk's wealth increased by $26.5 billion in a single day as of Wednesday, making him the world's richest man at $290 billion.

In his victory speech Wednesday, Trump praised Musk as a "new star" and a "super genius," and emphasized Musk's achievements at SpaceX.

Trump said, "He's a special guy, super genius. We've to protect our geniuses, we don't have many of them."

After Trump's victory, Musk posted on X that "the future is gonna be fantastic" with a photo of a rocket launch.