The net worth of billionaire Elon Musk has increased by approximately $70 billion since Donald Trump was elected President of the United States. Behind this success, social media platform X, formerly Twitter, has played a major role.
Elon Musk spent $44 billion to acquire Twitter, now rebranded as X, and has contributed at least $130 million to support Donald Trump’s election campaign. According to CNBC, this move has brought Musk substantial financial gains.
After Trump’s victory last week, Musk’s paper wealth rose by around $70 billion. Most of his assets are in Tesla shares, and four trading days after the election, the electric car company’s stock had risen 39%, pushing its market value past the $1 trillion mark.
According to Forbes, Elon Musk’s net worth now stands at $320 billion, surpassing Oracle founder Larry Ellison—the world’s second-richest person—by about $90 billion. Ellison, a close ally of Musk and former Tesla board member, also saw his wealth grow by $20 billion, thanks to a 10% rise in Oracle stock following Trump’s win.
To help Trump return to the White House, Elon Musk actively supported voter registration campaigns for right-leaning supporters in key states and led rallies. He even hosted a program offering $1 million to registered voters who signed a petition for a PAC supporting Trump, though later faced a lawsuit in Pennsylvania for allegedly running an illegal lottery.
Additionally, Musk has used X, the platform he acquired in 2022, to express support for Trump and frequently shares unfavorable information about opponents like Vice President Kamala Harris, as well as issues related to immigration and election fraud.
Since the election, Elon Musk has continued to involve himself in the new administration’s decisions, joining a call between Trump and Ukrainian President Zelenskyy. He also spends significant time at Trump’s Mar-a-Lago resort in Florida, participating in discussions about future administration appointments.
Musk even polled his 200 million followers on X about who should lead the Senate majority, endorsing Florida Republican Senator Rick Scott for the position.
The benefits to Musk’s empire do not end there. Musk has long sought reduced regulatory scrutiny to ease barriers for companies like Tesla, X, SpaceX, xAI (his AI company), Neuralink (brain interface company), and Boring Co. (tunnel boring company).
Currently, Musk’s companies are facing numerous federal investigations involving violations of securities law, labor safety, workers’ rights, civil rights, environmental protections, and product safety.
With the White House wielding significant influence over federal agencies, Musk hopes that a Trump administration might ease or halt 19 investigations and lawsuits related to Tesla, SpaceX, and X.
Gene Munster, a long-time Tesla investor at Deepwater Asset Management, suggests that SpaceX and xAI will also greatly benefit from a new Trump administration, especially as it considers regulations on AI.
Not only Musk and Ellison but also Coinbase CEO Brian Armstrong has seen his wealth increase by $4.5 billion following Trump’s victory, as Coinbase stock rose 67% since election day. This cryptocurrency exchange is a major supporter of pro-crypto candidates, many of whom were elected, opening the door to a more favorable regulatory environment for the industry.
As a result, Tesla also benefits from its digital assets, valued at $729 million. Cryptocurrencies, particularly bitcoin, have surged in value since the election, reaching a record high above $88,000.
