Tesla CEO Elon Musk’s wealth surged by $26.5 billion, a rise of over 12%, bringing his net worth to $290 billion shortly after Donald Trump won a decisive victory in the US presidential election.

According to the latest figures from the Bloomberg Billionaire Index, Musk’s fortune saw an immediate boost on Wednesday, November 6, following the Republican candidate’s electoral win.

Musk has been a strong supporter of Donald Trump during his campaign and had been promised a position leading a government efficiency commission if Trump won.

As investors weighed the potential impacts of a Trump presidency, the US dollar strengthened, and Bitcoin reached a new high.

Shares of Musk’s Tesla, along with his other ventures, surged as they were expected to benefit from Trump’s potential return to the White House.

“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.

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,” Trump told Fox News during an interaction.