Elon Musk’s Wealth Soars by $54 Billion After Donald Trump’s Election Win

Elon Musk, already the world’s richest man, has seen his net worth skyrocket following the re-election of Donald Trump on November 5. According to estimates from Forbes magazine, Musk’s wealth has increased by more than $54 billion since the election[3].

The significant surge in Musk’s wealth is largely attributed to the rise in stock prices of his companies, Tesla and SpaceX, post-Trump’s victory. Musk had been a vocal supporter of Trump in the months leading up to the election, attending events with him, promoting him on his social media platform X, and donating millions to his campaign[3].

Matt Mittelsteadt, a research fellow at the Mercatus Centre at George Mason University, noted that Musk’s investment in the Trump campaign is now paying off. “Mr Musk has made quite the bet by investing millions of dollars in the Trump campaign,” Mittelsteadt said. “Now that Mr Trump has been elected, I think that bet is very much paying off.”[3].

Steven Livingston from George Washington University suggested that there is more to the political partnership between Musk and Trump than just a savvy business move. He believes that both figures embody a certain image of masculinity, often referred to as the “manosphere” or “toxic masculinity,” which involves a macho, unguarded, and bad boy-like behavior[3].

Musk has now become a key figure in Trump’s inner circle. On election night, Trump dedicated four minutes of his victory speech to praising Musk, calling him a “genius” and emphasizing the need to protect such individuals. Behind-the-scenes footage showed Musk with Trump’s closest family and friends at Mar-a-Lago, Trump’s Florida home and private members club[3].

As Trump assembles his new team, Musk remains by his side, participating in calls and helping with the transition. Analysts have highlighted the potential conflicts of interest given Musk’s significant influence in the incoming administration and his companies’ existing government contracts, particularly with NASA[3].

The close relationship between Musk and Trump has raised concerns about corruption and malfeasance, with analysts warning that Musk’s influence could be used to manipulate government regulations and investments to his personal benefit[3][4]).