Elon Musk Gains $200 Billion in 2024 After Spending $277 Million on Election
By Jake Beardslee ·
December 15, 2024
Elon Musk, CEO of Tesla and SpaceX, has seen his net worth skyrocket by over $200 billion in 2024, reaching an estimated $442 billion according to the Bloomberg Billionaires Index. Jasper Colt / USA TODAY NETWORK via Imagn Images
This extraordinary increase coincides with Musk’s $277 million in donations to support Donald Trump and Republican candidates. The surge in his wealth—$170 billion of which occurred after Election Day—is primarily tied to Tesla’s stock, which has risen 70% since the election. BRYAN TERRY/THE OKLAHOMAN / USA TODAY NETWORK via Imagn Images
Musk’s financial windfall is potentially linked to Trump’s election victory and his promise to cut regulations, potentially benefiting Musk's companies. Trump appointed Musk to co-chair the “Department of Government Efficiency” (DOGE), a non-governmental advisory group focused on deregulation and federal spending cuts. JASON BEAN/RGJ / USA TODAY NETWORK via Imagn Images
"Elon Musk is a once-in-a-generation business leader," said Brian Hughes, a Trump-Vance transition spokesperson, according to The Washington Post. Tommy Gilligan-Imagn Images
Tesla, a cornerstone of Musk's empire, may gain from a relaxed regulatory environment under Trump’s administration. Federal approval for Tesla’s Cybercab, an autonomous vehicle planned for 2027, now seems more likely. Dllu / Wikimedia
The Trump transition team also proposed eliminating federal reporting requirements for accidents involving driver-assistance features—a policy Tesla opposes. Critics argue this could undermine safety oversight while benefiting Musk’s financial interests. Alicia Devine/Tallahassee Democrat / USA TODAY NETWORK
Musk’s influence extends beyond Tesla. His companies Neuralink and SpaceX operate in heavily regulated industries that stand to benefit from deregulation. SpaceX / Wikimedia
Critics, including Democratic Senators Richard Blumenthal and Edward Markey, have raised ethical concerns about Musk’s role in shaping policies that could profit his ventures. Markey stated, "Relaxing rules for self-driving cars would turn our public roads into one big testing facility for a company owned by the world’s richest man.” U.S. Senate Photographic Studio-Rebecca Hammel / Wikimedia
