Musk's fortune increased by $170 billion after endorsing Trump

In just four months, the Trump administration has delivered Musk a significant return on his investment. The businessman’s companies are facing less regulatory scrutiny as some government investigations into them have been closed or suspended, thanks in part to the efforts of Musk and his DOGE.

His companies, including SpaceX, could win billions in government contracts. On the global stage, Musk is making deals and obtaining permits to work in foreign jurisdictions, often with the tacit or explicit support of the Trump administration.

Musk's fortune is now $419 billion, which is almost $170 billion more than on July 15, two days after Trump survived the assassination attempt in Pennsylvania and Musk supported him.

Although Tesla's share price has fallen 20% since Trump returned to the White House in late January, it remains 35% higher than it was in mid-July 2024. SpaceX is now valued at $350 billion, almost double its value in July.

His third-largest company, xAI Holdings, which now includes social network X and artificial intelligence startup xAI, was valued at $113 billion, more than triple the value of those two companies a year ago.

Critics of Trump and Musk say that Musk's involvement in DOGE and relationship with the president are benefiting him financially.

The nature of Musk’s business, as well as his significant profits from government contracts, means he is deeply involved in the regulatory functions of the government he is now empowered to shape. President Trump could not have chosen a more conflict-of-interest person, according to an April report prepared by members of the Democratic minority in the U.S. House of Representatives.

Trump is denied a conflict of interest.

"The suggestion that Elon Musk's companies have somehow benefited from his time in the White House is baseless and devoid of journalistic integrity. As has been repeatedly stated, the President will not tolerate any conflicts of interest, and Elon Musk continues to uphold ethical standards in his mission to eliminate waste, fraud, and abuse," said Trump's principal deputy press secretary, Harrison Fields.