Tech mogul Elon Musk's wealth grew by $200 billion in 2024, following his concerted $277 million investment in President-elect Donald Trump's reelection campaign as well as other Republican candidates, The Washington Post reported Sunday.
Since Trump's election day win, Tesla stocks continued to climb. On Friday, shares were trading at 70% higher than election day. Since then, Musk's fortune has reached $422 billion.
Trump picked Musk to run the dubbed "Department of Government Efficiency."
Brian Hughes, a spokesman for the Trump-Vance transition, said of Musk that he's a "once in a generation business leader and our federal bureaucracy will certainly benefit from his ideas and efficiency." Hughes also described Musk and Trump as "great friends and brilliant leaders working together to Make America Great Again."
Despite Musk's prospective tether to the Trump administration, some of the Tesla owner's critics view the relationship as one that could lead to a bending of the regulatory rules.
Sen. Edward Markey, D-Mass., said on X earlier this month that Musk is "already getting a return on his investment in Trump."
Markey also told The Post that in regard to Musk and regulations on self-driving cars that he could "turn our public roads into one big testing facility."
"I will do everything in my power to make sure Elon Musk doesn't get to recklessly bend the rules to line his pockets," he added.
Nick Koutsobinas ✉
Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.
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