Nobody wants to buy his cars anymore. He has been too distracted to pay any attention to his companies, and his fortune has been shredded. As Elon Musk brings his short spell in government to an official close today, and gets back to the day job, his many political opponents will take a malicious pleasure in noting that getting mixed up with President Trump has been a financial disaster for the billionaire. But hold on. As so often, their maths is more than a little wonky. In fact, public service has been very lucrative for Musk.
He will leave the government richer than ever, and remains one of the most remarkable entrepreneurs of his generation
‘As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,’ the billionaire wrote on his social media platform X earlier today . According to the White House, the ‘off-boarding’ process has already started, but as Musk never bothered with a job title, or a salary, HR – if the Trump White House has anything as woke as Human Resources staff that is – probably won’t have a great deal to do. His spell as a government employee will have come to an end.
The liberal-left has gleefully noted that it has all cost Musk a fortune. After all, Tesla sales have collapsed, especially in Europe, where the owners’ association with Trump has proved very unpopular. And he has had too little time to devote to his many other businesses. And yet, as he leaves, it turns out the balance sheet is not what you might expect. Tesla has admittedly been through a rough patch. But it has recovered sharply over the last few weeks. The shares now stand at $356, compared to $288 on 6 November, the day after President Trump won the election. Musk’s stake is worth a lot more than it was seven months ago.
SpaceX is privately held, but when it raised cash in December it was valued at $350 billion, and is probably worth more now. Even X has done reasonably well, with a valuation in March of $44 billion, allowing Musk to break even on his investment.
And only this week, Neuralink, Musk’s brain-computer interface start-up, was valued at $9 billion as it raised extra funding. In reality, Musk’s spell in government may have been mixed politically, and we will have to wait and see whether his Department of Government Efficiency can deliver any long-term results. But it has not hurt his wealth. He will leave the government richer than ever, and remains one of the most remarkable entrepreneurs of his generation.
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