The world's richest person not only got richer but also gained massive political sway.
Getty Image/Anna Moneymaker
• 3 min read
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You’ve probably heard of a businessman named Elon Musk, but this year, his name was more unavoidable than Sabrina Carpenter’s “Espresso.”
He’s no longer just basking in the glow of being the world’s richest person—he’s now a powerful Washington insider. After donating $277 million to Donald Trump and other GOP candidates’ political campaigns while vocally backing MAGA during election season, Musk has become one of the president-elect’s closest confidantes (for now).
Musk is tasked with tightening Uncle Sam’s belt as the co-leader (along with biotech billionaire Vivek Ramaswamy) of the newly formed body called the Department of Government Efficiency.
This month, Musk became the first human in history to amass a net worth surpassing $400 billion. Tesla’s stock, a major source of his wealth, has nearly doubled in value since the presidential election because investors view Musk’s proximity to Trump as a boon. Previously, the Tesla stock price was propelled by strong earnings and the prospect of cheaper cars hitting showrooms soon.
While Musk was busy getting established in Donald Trump’s orbit this year, his companies continued their ascendancy into Earth’s orbit and firmly lodged themselves in the hemispheres of people’s brains:
In 2025, many expect Musk’s businesses to benefit from him having Trump’s ear on economic policy and corporate regulations.
After two years of hiking interest rates in response to historic inflation, Fed Chair Jay Powell and his central banker crew finally started bringing borrowing costs back to Earth. As annual inflation cooled to below 3% this year from a peak of 9.1% in 2022, the Fed slashed rates three times. And it’s expected to keep cutting in 2025, albeit less aggressively, which could lower mortgage rates, but also savings account yields.
A record 54 million people watched the WNBA in the 2024 season, while game attendance rose almost 50%. The popularity surge was partially driven by the so-called “Caitlin Clark effect”: The Indiana Fever star and Rookie of the Year enthralled fans with her deep 3-point range and masterful passing. She reportedly signed a WNBA-record-shattering $28 million endorsement deal with Nike.—SK
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