Donald Trump’s election to a second term in the White House was a boon for Elon Musk personally. His companies stand to benefit, too, just not in the ways investors might expect. On the back of Tesla stock’s epic 29% gain,

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 could appoint the world’s wealthiest man to fire workers and make drastic cuts in spending. He says economic ‘hardship’ will follow, Alex Woodward reports