"We have a new star, a star is born," Trump told boisterous supporters in West Palm Beach, Florida, a few hours before the election was called in his favor. "Elon. He is an amazing guy." Musk, the world's richest man, spent at least $130 million on helping Trump and other Republicans win.

Elon Musk has spent $119 million on a super PAC supporting Donald Trump and held events on his behalf. But his ownership of X is especially valuable.

Trump called Musk a “new star” during his victory speech early Wednesday morning. Musk said his political ambitions are just getting started.