Billionaire entrepreneur Elon Musk’s net worth has surged to $419 billion, solidifying his position as the world’s richest person, even as Tesla’s stock value dropped by 20% since Donald Trump’s return to the U.S. presidency.
The unexpected financial uptick comes after Musk publicly endorsed Trump in July 2024. Despite the decline in Tesla shares, which are still up 35% from the time of the endorsement, Musk’s fortune has grown by $170 billion, according to Forbes.
A significant contributor to the rise is the nearly doubled valuation of SpaceX, now pegged at $350 billion. Musk’s AI and social media company, xAI Holdings, also saw massive growth, recently tripling in value to $113 billion following a major merger.
Musk, who spent $290 million backing Trump’s re-election campaign—the largest single political donation of the cycle—told attendees at the Qatar Economic Forum that he plans to reduce his political spending. “I think I’ve done enough,” he said.
In the wake of his political support, Musk’s businesses are reportedly facing less regulatory scrutiny. Investigations by the Justice Department into alleged discrimination at SpaceX and hiring practices at Tesla have been dropped. The National Labor Relations Board also abandoned a case concerning the dismissal of SpaceX employees.
SpaceX is now seen as a strong contender for the Trump administration’s proposed $175 billion “Golden Dome” missile defense project. The company already holds $16 billion in federal contracts, including a $6 billion Pentagon award in April.
Meanwhile, the U.S. State Department is reportedly pushing foreign governments—particularly in Africa and Asia—to fast-track regulatory approval for Starlink, SpaceX’s satellite internet venture. At home, the Federal Aviation Administration (FAA) is evaluating Starlink for possible use in a national aviation safety upgrade.
Despite these business gains, Musk faces growing public and political backlash. A Reuters/Ipsos poll shows 58% of Americans now view him unfavorably. Tesla sales have also dipped, partly due to Musk’s association with the controversial Department of Government Efficiency (DOGE), which is working to dismantle key federal agencies. Additionally, rising tariffs on Chinese imports are increasing Tesla’s production costs.
Congressional Democrats have raised concerns about potential conflicts of interest, warning that Musk’s influence on government could blur the lines between regulation and self-interest. Both Musk and Trump have denied any wrongdoing, with Trump stating, “If there’s conflict, then we won’t let him get near it.”
Despite the controversy, market analysts remain bullish. “The regulatory spiderweb is clearing,” said Dan Ives of Wedbush Securities. “Tesla’s AI and autonomous opportunity alone is worth at least $1 trillion.”
Musk’s empire appears to be thriving—politics and controversy notwithstanding.
