Shares of Tesla surged by 12% Wednesday morning, sending the company’s stock toward a new record while adding $15 billion to Elon Musk’s fortune after Donald Trump was reelected as president, and lavished praise on the world’s wealthiest person.

Trump called Musk a “new star” during his victory speech early Wednesday morning. Musk said his political ambitions are just getting started.

Possible conflicts of interest emerge as the billionaire entrepreneur is expected to influence government spending and regulation.

Shares of Tesla soaring after an election that will send Donald Trump back to the White House, an outcome that has been strongly backed by CEO Elon Musk in the closing months of the race

The tech billionaire is expected to join an evening of events and festivities, as wealthy donors descend on the former president’s Mar-a-Lago residence

Elon Musk is mounting a full-court press for the former President Donald Trump today, deploying his platform X to get out the vote for Trump, shout down the “legacy media” and predict a “landslide” for the GOP in Pennsylvania — giving Americans a look at what happens when a global social media platform throws its weight behind a single party and candidate.

Musk has been an outspoken supporter of Donald Trump and has spent months campaigning for the president-elect.