Musk has seen his net worth soar since President-elect Donald Trump’s election win in November. The tech billionaire was one of Trump’s most powerful and outspoken advocates, donating a whopping $250 million to his campaign efforts and pro-Trump PACS, according to filings with the Federal Election Commission, and rallying on his behalf in swing states. He has remained one of Trump’s close confidants and has been selected to lead the newly-created Department of Government Efficiency, which aims to slash federal spending – an idea of Musk’s that he floated during Trump’s campaign. Elon Musk joined the president-elect during his first rally in Butler, Pa. on Oct. 5 since his first assassination attempt. REUTERS Tesla shares have risen about 65% since Trump’s win as investors expect the president-elect to speed along the rollout of Musk’s autonomous vehicles and eliminate tax credits for electric vehicle purchases, a policy that largely helped Tesla’s rivals. The value of xAI, Musk’s artificial intelligence startup, has more than doubled since its last fundraising round in May to $50 billion. On Wednesday, SpaceX and its investors agreed to buy stock from insiders in a $1.25 billion purchase offer – sending the company valuation to $350 billion, according to Bloomberg and CNBC. President-elect Donald Trump and Elon Musk watch a fight during UFC 309 at Madison Square Garden in November. AFP via Getty Images SpaceX makes most of its money through government contracts. Nearly $19.8 billion in federal contracts have gone to NASA and the Department of Defense to pay for SpaceX’s rockets and satellites since 2008, according to USA Today. The space company will likely see continued support under the Trump administration. The president-elect praised Musk’s goal to land astronauts on Mars and attended a SpaceX launch soon after he won the election. Jared Isaacman, Trump’s pick to lead NASA, also has close ties to Musk. The value of shares in Tesla have soared, hitting an all-time high of $415 a share on Wednesday. REUTERS He became the first non-professional astronaut to walk in space earlier this year via a SpaceX rocket and last month called the firm “the most innovative, literally impressive organization that I’ve ever seen.”