Trump faucets Elon Musk and Vivek Ramaswamy for brand spanking new roles
Elon Musk and Vivek Ramaswamy are tasked with dismantling authorities paperwork within the new Division of Authorities Effectivity.
After President-elect Donald Trump tapped Elon Musk to hitch him in his second administration, the tech billionaire’s companies are booming, with one exception.
The world’s richest man, in response to Forbes, will lead Trump’s proposed Division of Authorities Effectivity, or DOGE, alongside fellow billionaire Vivek Ramaswamy. The pair made their fortunes within the personal sector over the past a number of a long time and performed large roles within the former president’s 2024 reelection marketing campaign. This yr, Musk fundraised for and promoted Trump whereas overseeing a constellation of six corporations.
Most have soared in worth since Trump’s victory. As of Nov. 18, he had an estimated internet value of $318 billion. Here’s a take a look at each enterprise Musk presently owns:
Tesla
In 2004, Musk started investing in Tesla, Inc., an automotive and vitality firm, identified for its pioneering electrical autos. Right now, Musk serves as CEO of the automobile and battery storage producer.
Tesla does important enterprise with the U.S. authorities, securing $41.9 million in federal contracts over the past 16 years.
With Musk anticipated to wield affect in Washington that would profit the enterprise, Tesla’s market worth jumped following Trump’s win. The Friday after the election, its market worth closed above $1 trillion for the primary time in additional than two years.
SpaceX
House Exploration Applied sciences Corp., higher referred to as SpaceX, was based in 2002 to revolutionize area know-how. Musk serves as CEO of the enterprise that designs, manufactures, and launches rockets and spacecrafts.
SpaceX additionally does enterprise with the U.S. authorities. Since 2008, it has benefited from almost $19.8 billion in federal contracts. Fiscal yr 2024 was the biggest on file for SpaceX, aided by no less than $3.8 billion in authorities contracts.
The aerospace firm plans to launch a young provide in December that may worth it at greater than $250 billion, Reuters reported. That valuation is up from an estimated $210 billion in June.
Neuralink
Musk based Neuralink Corp., a neurotechnology firm, in 2016. Neuralink develops implantable brain-computer interfaces that assist folks with paralysis.
In August, Musk introduced a second particular person had obtained a Neuralink cybernetic implant after Noland Arbaugh turned the first human to have the process earlier this yr.
The corporate’s valuation was estimated to be within the low billions and to have almost doubled within the final yr.
X
Musk bought the social media platform Twitter and rebranded it to X in 2022. Musk used it to assist Trump throughout his reelection marketing campaign this yr and promote DOGE final week.
Exploding Matters estimated the social media large had about 600 million month-to-month customers in October. As X turned extra political, customers started fleeing to different apps. Bluesky, a social media different, noticed a growth in new account creation after the election.
A September submitting by Constancy Funding’s Blue Chip Development Fund implied X was valued at $9.4 billion — a steep lower in comparison with the $44 billion Musk paid for Twitter in 2022.
xAI
In 2023, Musk based xAI, a man-made intelligence firm identified for its Grok chatbot accessible to X customers.
The beginning-up not too long ago attracted as much as $6 billion in investments implying a valuation between $45 and $50 billion, in response to reporting by CNBC and the Monetary Occasions.
The Boring Firm
Musk based The Boring Firm in 2016 with the concept cities might have networks of underground tunnels permitting motorists to zip between locations with little time spent on the streets.
To assist make that imaginative and prescient come to life, The Boring Firm works to excellent and assemble transportation, utility, and freight tunnels. As of October 2023, the enterprise had an estimated valuation of greater than $7 billion, Reuters reported.
Attain Rachel Barber at [email protected] and observe her on X @rachelbarber_
