Elon Musk may have spent more than a quarter of a billion dollars backing Donald Trump, but that was a drop in the ocean compared with what the world’s richest man has earned since the election.
The Tesla and SpaceX mogul splashed out more than $260 million in an effort to propel his political ally into the White House, according to new filings with the Federal Election Commission.
Of that, $238 million was channelled into the America PAC he founded this year, while another $20.5million was donated via the Elon Musk Revocable Trust.
Further fillings show he handed $3 million to the MAHA Alliance, a super PAC that ran adverts in swing states urging Robert F Kennedy Jr supporters to vote for Mr Trump.
The splurge, minor for a man who is worth hundreds of billions of dollars, has earned him a seat at the top table of Mr Trump’s next administration.
Mr Musk has been a frequent presence at Mar-a-Lago, the president-elect’s private members’ club in south Florida, where the transition team is plotting the next four years of power.
He even joined the president-elect and his family for Thanksgiving celebrations.
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The billionaire will also head up a new Department of Government Efficiency, which will lead efforts to slash federal spending and red tape.
It is power like this that encourages the world’s richest people to be so willing to fork out huge sums of money towards political campaigns.
But it would seem that Mr Trump’s election victory on Nov 5 has also seen Mr Musk’s bank balance swell significantly.
Following on from the Republican’s success, the Tesla and SpaceX chief has never been richer.
Bloomberg, the financial news wire, recently reported that Mr Musk was worth in excess of $347 billion.
His closeness to Mr Trump has seemingly caused investors to turn to Tesla stocks, sending them skyrocketing by roughly 40 per cent since the election.
As a result, Bloomberg estimates that Mr Musk, Tesla’s largest shareholder, is around $83 billion richer.
That new figure pushes him more than $100 billion clear on the rich list ahead of second-placed Jeff Bezos.
His other assets have also surged in value in recent months, including xAI, the artificial intelligence start-up that was valued at $50 billion after a new round of funding, more than double what it was worth several months ago.
Analysts have attributed the close bond shared between Mr Musk and Mr Trump for confidence in the billionaire’s businesses.
While there is no way to definitively attribute Mr Musk’s soaring net worth, it does appear that his backing for Mr Trump has earned him a literal payoff of billions and given him unprecedented powers for a man not allowed to run for the White House himself.
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