How Musk Became Even Richer After Trump’s Election Win

Elon Musk, the world’s richest person, has seen his wealth grow even more since Donald Trump’s election win, thanks to his close relationship with the new president.

Since Trump’s victory on November 5, Musk’s net worth is estimated to have increased by over $54 billion, according to Forbes.

This boost in wealth is largely due to the rise in stock prices of his companies, Tesla and SpaceX, after Trump was re-elected.

Leading up to the election, Musk became a visible supporter of Trump, attending events with him, endorsing him on social media, and donating millions to his campaign.

After Trump’s win, Musk found himself in the president-elect’s inner circle.

On election night, Trump praised Musk during his victory speech, even dedicating a few minutes to acknowledging him.

Behind the scenes, footage showed Musk spending time with Trump’s close friends and family at Mar-a-Lago, Trump’s private estate in Florida.

As Trump started forming his new team, Musk remained by his side, advising him during the transition.

Musk joked on social media about being “the first buddy” but now has a formal role in Trump’s administration.

Trump announced that Musk would lead a new advisory committee called the Department of Government Efficiency (DOGE), aimed at reducing US government spending.

DOGE, which shares a name with a cryptocurrency Musk is known to promote, will help advise the president, though many analysts are unsure how much impact it will have, since major budget decisions still need to be approved by Congress.

Musk will share this role with Vivek Ramaswamy, another businessman and former Republican presidential candidate.

Source: ABC News