Elon Musk Net Worth Up 69 Percent Since Donald Trump Victory
By: Theo Burman (Newsweek)
S E E D E D C O N T E N T
CLOSE X By Theo Burman Live News ReporterFOLLOW
Elon Musk has drastically increased his fortune in the weeks following Donald Trump's presidential election victory to become the first person in history to have a net worth in excess of $400 billion.
The Tesla and SpaceX CEO, who contributed over $100 million to the former and future president's campaign, saw his net worth grow by 69 percent from $264 billion on November 6 to $447 billion on December 12, as he prepares to take on a major role in Trump's incoming administration as a co-leader of the "Department of Government Efficiency."
Much of the increase can be accounted for by a surge in Tesla stock value, which rose in the wake of the election with the expectation that Trump's new government will be good for the electric car industry. The company's stock has reached record highs, closing at $424.77 per share on Wednesday, elevating the company's market valuation to $1.36 trillion. This growth has added approximately $52.45 billion to Musk's wealth.
Investors may also believe that Musk himself could have control over cutting down on regulatory practices that affect his industries, such as artificial intelligence. Musk's own artificial intelligence company, xAI, has doubled in value since he launched it in 2023, and is now valued at $50 billion.
Elon Musk, Co-Chair of the newly announced Department of Government Efficiency. The tech CEO was a prominent backer of President-elect Donald Trump. Elon Musk, Co-Chair of the newly announced Department of Government Efficiency. The tech CEO was a prominent backer of President-elect Donald Trump.Getty Images
Musk's value also comes from SpaceX, which remains the world's most valuable private startup, with a value of $350 billion following a new employee share deal, The Times reported. Like Tesla, SpaceX could benefit massively from Musk's close relationship with the new Trump administration, as it is a major player in government contracts with NASA.
Musk backed Trump heavily on the campaign, appearing with him on several occasions and throwing significant funding behind him via a superPAC.
In turn, Trump has widely praised Musk as a "genius", who has been an near permanent fixture at Mar-a-Lago as preparations continue for the transition into the White House.
Musk was one of Trump's first announcements for his new team, taking ownership of the government cost-cutting initiative known as the Department of Government Efficiency (DOGE) alongside Vivek Ramaswamy, another prominent Trump backer.
No such department exists and the president-elect didn't offer many details in his initial announcement about how it would operate or how it would be staffed, if at all. Trump's statement said DOGE "will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget."
Some public policy experts and financial analysts have expressed concerns about potential conflicts of interest due to Musk's dual roles in government and private industry.
Newsweek contacted a representative of Elon Musk via Tesla for comment on this story via email.
Do you have a story we should be covering? Do you have any questions about Elon Musk? Contact LiveNews@newsweek.com.
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Making Musk king of the world will not end well. This is a path to dystopia.