Tesla Shares Keep Rising, Elon Musk’s Net Worth Soars

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Billionaire philanthropist MacKenzie Scott offloaded more Amazon shares, a new filing shows, as she remains one of the nation’s most prolific donors.

Scott received about 400 million shares of Amazon as part of her 2019 divorce from Jeff Bezos, and she has disposed of two-thirds of them in less than six years. If she had not done so, she would be one of the 20 richest people in the world. Instead, Forbes now estimates that Scott is worth $30 billion.

Scott is known for a grassroots, no-strings-attached approach to giving—which is unique among the ultra-wealthy—and it’s not uncommon for recipients to think the gift, which often comes by phone call, is spam.

FIRST UP

Tesla extended its post-election stock market gains Monday, with shares of the EV maker now up 39% since last Tuesday, and Elon Musk has unsurprisingly benefitted the most. The net worth of Tesla’s largest shareholder is up about $54 billion since last Tuesday, reaching $319 billion, according to Forbes’ calculations. Musk is now more than $80 billion wealthier than the planet’s next richest person.

MORE: Tesla’s gains have been the most high-profile, but there are several smaller stocks that have outperformed the Elon Musk-led car company post-election. Since Election Day, Taser stun gun parent Axon Enterprise has gained 40%, while shares of multibillion-dollar private prison companies CoreCivic and Geo Group—which are Immigration and Customs Enforcement contractors—are up 76% and 75%.

WEALTH + ENTREPRENEURSHIP

Billionaire Shark Tank star Mark Cuban, who backed Vice President Kamala Harris in the election, has drawn scrutiny for owning property in Trump International Tower, and Forbes found that he owns two apartments in the building worth an estimated combined $13 million. In fact, they are worth more than Trump’s own real estate portfolio in the building. Cuban told Forbes he “looked at selling” the condos, “but the price has dropped significantly over the last eight years.”

Billionaire Mitch Morgan, whose Pennsylvania-based Morgan Properties is the third-largest apartment owner in the U.S., told Forbes he wasn’t surprised that his home state broke for Donald Trump. Morgan said he’s optimistic about Trump’s victory, and believes deregulation will help business.

MONEY + POLITICS

President-elect Donald Trump has made a flurry of appointments to fill top posts in his administration since he won the election, tapping some of his staunchest defenders and loyalists. Trump is likely to pick Senator Marco Rubio (R-Fla.) as his secretary of state, according to multiple reports, and is also expected to announce Stephen Miller as deputy chief of staff for policy in the coming days. Additionally, Trump tapped former Rep. Lee Zeldin (R-N.Y.) to lead the EPA, and GOP Conference Chair Rep. Elise Stefanik (R-N.Y.) for United Nations ambassador, both of which are Senate-confirmed Cabinet-level jobs.

SCIENCE + HEALTHCARE

A Dutch appeals court on Tuesday ruled in favor of oil giant Shell and overturned a landmark 2021 ruling by a lower court, which had ordered the company to cut its carbon dioxide emissions by 45% compared to its 2019 levels by 2030. In its verdict, the court ruled that while Shell was obliged to reduce its carbon emissions, there is “insufficient consensus in climate science on a specific reduction percentage to which an individual company like Shell should adhere.”

Ben Jealous, executive director of the Sierra Club, told Forbes the country’s largest environmental group is gearing up to fight the incoming Trump Administration’s anti-climate policies. “Our short-term strategy is to run our playbook from 2016,” he said, which includes filing hundreds of lawsuits and submitting scores of Freedom of Information requests to find ties to fossil fuels and potential corruption among Trump’s incoming Cabinet members.

WORLD

A Spirit Airlines flight from Florida was struck by gunfire Monday while attempting to land in Port-au-Prince, while a JetBlue plane that flew from the Haitian capital city to New York was struck by a bullet earlier in the day. JetBlue, Spirit Airlines and American Airlines have temporarily suspended all flights in and out of Haiti, and the U.S. Embassy in Haiti urged Americans to avoid travel to the country due to escalating gang violence.

TRENDS + EXPLAINERS

The judge overseeing Trump’s New York criminal trial will rule today on whether his 34-count conviction will stand, while the three other criminal cases against him are poised to be killed or delayed for years. Ultimately, the president-elect’s strategy of dragging out the prosecutions kept him from facing most of his criminal charges, though the civil cases playing out against him aren’t expected to be impacted by the election.

DAILY COVER STORY

In Trump’s Space Race, Musk’s SpaceX Is A Sure Bet

TOPLINE Over the summer, as Elon Musk ramped up support for Donald Trump’s election campaign, the famously transactional former president seemed to promise the world’s richest man something in return. “We have to make life good for our smart people—and he’s as smart as you get,” Trump said at a late-July rally.

One thing Musk wants: for the Federal Aviation Administration to speed up its processing of space launch licenses, which his company SpaceX says is slowing the cadence of test flights of its massive Starship rocket. And then there’s SpaceX’s tussles with the Environmental Protection Agency over the impacts from Starship launches on a wildlife-rich area on the Gulf Coast in Texas.

Trump, who will parachute a slew of new political appointees into the FAA and EPA, could bring quick relief on both counts, and more broadly roll back rules in the heavily regulated space industry. That would help all space companies, but none more than SpaceX, said Chris Quilty, founder of the space-focused financial services firm Quilty Analytics.

At industry gatherings this year, competitors expressed mounting worries SpaceX will get preferential treatment from the Trump Administration, Quilty said. “Even if you were pro-Trump and you’re in the space industry, you’re thinking, ‘Crap, SpaceX is already killing it. Do they need any further advantage?’”

It’s part of the reason why the space industry is looking at the return of Trump to the White House with a mix of hope and trepidation.

WHY IT MATTERS In his next term, industry players think Trump’s interest in competing with China will boost spending on military and civil space programs, ranging from defending against Chinese antisatellite weapons to keeping pace with the country’s efforts to exploit the moon. But any grand ambitions could be counteracted if Trump convinces Congress to deliver on his campaign promises to slash taxes and government spending.

MORE Robinhood’s Billionaire Cofounder Wants To Set Up Hundreds Of Solar Panels In Space

FACTS + COMMENTS

President-elect Donald Trump has repeatedly called for shuttering the federal Department of Education, a move that could impact critical funding for K-12 schools and hamper civil rights enforcement. Still, experts say it’s unlikely the federal government will be able to be hands off when it comes to education regulation:

1979: The year the department was created by former President Jimmy Carter

60: The number of votes that closing the Department of Education would likely require in the Senate, according to the Washington Post, meaning Republicans would need the support of at least some Democrats

$119 billion: The amount of federal funds given to schools in fiscal year 2022, making up about 14% of total education funding

STRATEGY + SUCCESS

A Health Savings Account is a great way to invest in your future, plus, it’s triple-tax advantaged: You can make pre-tax contributions with your employer sponsored plan, make tax-free withdrawals for qualified medical expenses, and if you invest it, the growth is tax-free. In the meantime, you can use the funds like a regular bank account for a variety of medical expenses. And after the age of 65, you can use the HSA funds for anything you want without a penalty.

VIDEO

QUIZ

The imports-based tariffs proposed by President-elect Donald Trump could raise costs for consumers on a variety of grocery products. For instance, China controls approximately 80% of the global supply for which kitchen staple?

A. Ginger

B. Garlic

C. Thyme

D. Rice

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire, Chris Dobstaff and Caroline Howard.