Elon Musk's businesses are booming, partially due to his close relationship with President-elect Donald Trump, significantly impacting his net worth and company valuations.
Musk's AI startup xAI is raising $5 billion, reflecting investor confidence, while SpaceX plans a share tender offer, indicating robust business expansion.
Following his increased support for Trump, Musk's net worth surpassed $300 billion as Tesla's stock rallied, reaching a $1 trillion market cap for the first time since 2022.
Trump announced that Musk and entrepreneur Vivek Ramaswamy would spearhead a new Department of Government Efficiency, aimed at reforming federal agencies and reducing spending.
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