2024 has made businessman Elon Musk richer, more powerful and influential than 12 months ago largely thanks to Donald Trump’s victory in the United States presidential elections.
If money is proof of success, Musk has more than delivered. He finished 2023 as the second richest individual on the planet with a fortune estimated by Forbes at $180 billion.
And in mid-December 2024, the controversial businessman had more than doubled that amount to stand at $437.5 billion, at the top of the publication’s real-time ranking of billionaires.
Musk now controls an economic empire made up of six companies: Tesla, SpaceX, xAI, X, Neuralink and The Boring Company. In the last five he is the majority shareholder and can also do and undo as he pleases because they are not listed on the stock market.
Tesla is the most valuable. Its current market capitalization stands at $1.34 trillion and Musk controls just over 20% of its shares.
Since Trump’s election victory on November 5, Tesla shares have increased in value by 69%. Investors calculate that the privileged relationship that Musk has with the president-elect will benefit his business activities.
SpaceX, dedicated to rocket launches and telecommunications, also substantially increased its value in 2024 to currently stand at around $350 billion.
The company has become one of NASA’s main contractors and a key player in the United States’ plans to establish a long-term presence in space.
The rise in importance of their companies has run parallel to their growing geopolitical power in 2024.
Musk has demonstrated this power by establishing direct lines of communication with the leaders of Russia (Vladímir Putin), China (Xi Jinping), Argentina (Javier Milei), Italy (Giorgia Meloni), Hungary (Viktor Orbán) or Ukraine (Volodímir Zelensky).
The cherry on top of his influence and power in 2024 was the electoral victory of Trump, whom he supported during the presidential campaign with an unprecedented contribution of more than $250 million, as well as with his social network X.
The Republican leader has rewarded him by making him one of his closest advisors, in charge of reinventing the American public administration with his Department of Government Efficiency, baptized DOGE by the magnate.
The influence he has over Trump, and the position he will occupy in the Republican Administration, indicates that Musk’s wealth, power and influence will continue to rise for at least the next four years.
With information from EFE
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