Trump also singled-out Mr Musk in his victory speech, spending several minutes praising his rocket firm, Space X. Mr Musk's association with the president-elect also boosted the share price of his electric car maker Tesla - and, with it, his net worth, which now stands at an estimated $290bn.

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