Elon Musk’s Wealth Grows by $170 Billion Amid Trump Endorsement

DOHA, Qatar — In a virtual interview at the Qatar Economic Forum on May 24, 2025, Elon Musk announced plans to cut back on his political contributions. Musk, who spent $290 million backing Donald Trump during the 2024 election, stated, “I’m going to do a lot less in the future. I think I’ve done enough.”

Musk’s decision follows a significant increase in his wealth since endorsing Trump, with his net worth rising to $419 billion—up $170 billion from July 15, 2024. This increase comes as the Trump administration has made regulatory changes benefiting Musk’s companies like SpaceX, which is now valued at $350 billion.

The endorsement has also seemingly aided Musk personally, despite Tesla‘s stock declining by 20% since Trump’s return to the White House in January. Tesla remains 35% higher than it was a year ago.

Moreover, Musk’s AI startup, xAI Holdings, recently merged and is valued at $113 billion, more than tripling its worth from last year. Despite these gains, Musk faces challenges: a recent Reuters/Ipsos poll indicates that 58% of Americans view him unfavorably, citing backlash against his political involvement.

Critics, including Democratic members of the U.S. House, argue that Musk’s ties to Trump create conflicts of interest. “President Trump could not have chosen a person more prone to conflicts of interest,” they said in a report. However, Trump has denied any conflict, maintaining that precautions are in place to prevent it.

The Trump administration has been noted for providing regulatory relief to Musk’s enterprises. Investigations into SpaceX and Tesla have stalled, allowing those companies more freedom to operate. Just last month, Trump signed an executive order limiting the Department of Labor’s compliance efforts concerning Tesla.

Musk acknowledged the backlash from his political activity during the interview in Qatar, but he remains optimistic about Tesla’s sales, claiming they are rebounding. Yet analysts, like Gil Luria from D.A. Davidson, caution that the damage to Tesla’s brand might be considerable, stating, “The work Mr. Musk has done around DOGE has done considerable damage to the Tesla brand.”

Musk is now hoping to shift focus back to business as opportunities arise globally. During Trump’s recent trip to the Persian Gulf, Musk benefited from newly approved deals for Starlink’s operations in Saudi Arabia and a clinical trial for Neuralink in the UAE.

As Musk’s political presence wanes, he continues to navigate his extensive business interests while fending off the increasing scrutiny of his practices and political affiliations.