Elon Musk’s Wealth Surges $170 Billion Following Trump Support

NEW YORK, USA — Elon Musk announced on Tuesday during a virtual interview at the Qatar Economic Forum that he plans to reduce his political donations after supporting Donald Trump. The billionaire tech entrepreneur said, “I’m going to do a lot less in the future. I think I’ve done enough,” referring to his substantial contributions in support of Trump during the 2024 election cycle, which totaled $290 million.

Since Musk endorsed Trump, his fortunes have significantly increased. His net worth has grown to approximately $419 billion, up about $170 billion from mid-July 2024, shortly after Trump survived an assassination attempt in Pennsylvania.

While Tesla‘s stock saw a decline of 20% since Trump took office again in January, it remains 35% higher than it was in July 2024. His other companies, including SpaceX and xAI Holdings, have also seen considerable increases in their valuations, with SpaceX now valued at $350 billion and xAI Holdings reaching $113 billion.

Critics accuse Musk of having conflicts of interest due to his close ties with the Trump administration. An April report by House Democrats pointed out that Musk’s businesses benefit from government contracts, noting that “Mr. Musk’s businesses… mean that he is deeply entangled in the regulatory functions of the government.”

In response, Trump defended Musk, saying there will be no conflicts of interest regarding government contracts. His principal deputy press secretary, Harrison Fields, labeled allegations against Musk as “baseless.”

Musk’s support for Trump has not been without its downsides. The tariffs implemented by the Trump administration could raise costs for Musk’s companies, impacting their profit margins. Additionally, a recent Reuters/Ipsos poll revealed that 58% of Americans hold an unfavorable opinion of Musk.

Despite some backlash, Musk appeared optimistic about his companies. “Tesla’s sales are rebounding,” he stated in an interview. Analysts, however, are cautious, suggesting Musk’s support for Trump may have tarnished the Tesla brand.

Musk’s exit from his role in the Trump administration, coupled with his plan to shift from political engagement, could allow him to refocus on his companies, including SpaceX, which recently faced challenges following a failed rocket launch.

As Musk navigates these corporate challenges, he remains positioned to secure additional government contracts with SpaceX and Starlink, especially as the Trump administration continues to exhibit support for his business ventures.