One of the people benefitting the most from Donald Trump’s election victory this year is billionaire Elon Musk. His net worth skyrocketed by over $200 billion in 2024, reaching $442 billion, according to the Bloomberg Billionaires Index. Musk spent at least $277 million supporting Trump and Republican candidates this year.
Big wins
His EV company, Tesla’s stock surged 70% after Election Day, adding $170 billion to Musk’s wealth.
Musk’s other companies reached new heights. SpaceX won $2.6 billion in government contracts and successfully tested its Starship rocket this year.
Trump appointed Musk as co-chair of the Department of Government Efficiency (DOGE) to advise on federal spending and regulations.
Under DOGE, Musk aims to fast-track autonomous vehicle approvals, which would benefit Tesla’s Cybercab project. His role at the department may also allow the tech entrepreneur to shape policies, potentially affecting his space company and Neuralink.
However, Musk is also on the receiving end of criticism. He received backlash for some of his X social media posts containing deepfakes. Critics warn of ethical concerns and safety risks tied to his deregulation plans, citing potential conflicts of interest.
The tycoon is caught in a legal tussle over his $56 billion Tesla pay package. A Delaware judge ruled it was improperly granted and that Musk overly influenced the Tesla board.