Elon Musk’s business world is expanding at a record rate, even amid the recent turbulence in Tesla stock, which rocked headlines.
Forbes’s tally indicates that his fortune rose to an estimated record $419 billion, making him the world’s richest man. The increase in wealth follows a series of high-risk business and political maneuvers that have remolded his role in technology, space, and government policy.
Even as Tesla shares declined 20 percent following President Donald Trump’s return to the White House in early 2025, Musk’s net portfolio is still in good health. Musk’s net endorsement of Trump during mid-2024 might have infuriated some shareholders, but it was backed by a net increase in his wealth of $170 billion. Tesla fell, but the share value is still 35 percent above what it was when Musk endorsed Trump directly.
Apart from Tesla, the remainder of Musk’s other ventures are booming. Musk’s space venture, SpaceX, has almost doubled in value and is valued at $350 billion. The company is still the leader in commercial rocket launches, and it is now a contender as a bidder for a new $175 billion missile shield system under consideration in the Trump administration. SpaceX now has $16 billion in government contracts on the books, with a high recently set by the U.S. Department of Defense for $6 billion.
In its second strategic action, Musk’s social media and AI firm, xAI Holdings, approved a $113 billion-valued merger agreement. The agreement is a triple valuation in one year. The combined firm now competes more aggressively in the AI space, which analysts see has the potential to be as economically valuable as SpaceX’s long-term competitor, Tesla.
Musk’s campaign donations have also raised eyebrows. He reportedly contributed $290 million to Trump’s 2024 election bid, making him the largest individual donor in that cycle. At the Qatar Economic Forum, Musk hinted that his political contributions may slow down, stating, “I think I’ve done enough.” But the returns on his investment are already evident.
Since Trump’s return to the presidency, numerous federal investigations of Musk’s companies have been suspended or abandoned. The Justice Department abandoned a hiring discrimination case at SpaceX. The Labor Department softened its investigation into Tesla’s workplace. The National Labor Relations Board repealed a charge for firing employees at SpaceX.
SpaceX-owned Starlink has been making diplomatic progress nearly stealthily. The U.S. State Department seems to have been canvassing assiduously with the backing of foreign governments, particularly those of emerging economies such as Africa and Southeast Asia, to streamline regulatory clearances. The Federal Aviation Administration, on its part, has been weighing Starlink as part of an eventual future American revamp of aviation communications infrastructure.
But there is a scandal too. International sales at Tesla have slowed, something that’s being blamed on supply chain stress resulting from the higher tariffs levied on Chinese imports and widespread distaste with the fact that Musk freely has transactions with DOGE, the Department of Government Efficiency, which has the charge to close some of the federal departments. Public opinion was curbed, 58 percent of Americans disapproving of Musk, according to a recent Reuters/Ipsos poll.
Democratic leaders in Congress have complained there is a disconnect between Musk’s businesses and politics. A recent news report accuses him of trying to influence federal policy on his businesses. Trump and Musk both ridiculed those claims. Trump commented in February, “If there is conflict, then we won’t let him get near it,” since Musk insists he is not directly engaged with the day-to-day process of running his companies’ business in regulating matters.
Even as the criticism grows, some professionals are optimists. Wedbush Securities analyst Dan Ives paraphrased that Musk’s technology businesses, especially in AI and autonomous vehicles, may be valued at over $1 trillion one day. With the right political environment and less regulatory hostility, Elon Musk seems to be navigating his empire through economic storms and political storminess on the other side.
