Elon Musk’s net worth has hit a major milestone, surpassing $300 billion for the first time in nearly three years, Bloomberg reports. The jump follows growing optimism that President-elect Donald Trump's administration would provide a favorable environment for Musk's businesses.

Sources confirmed the news with both The New York Times and Axios, with one telling the Times that Trump handed the phone to Musk during the call. A spokesperson for Trump’s campaign did not immediately return requests for comment on the reports.