As Trump celebrated his presidential victory early Wednesday morning, Musk was right there with him. “A star is born. Elon,” Trump declared onstage at his Mar-a-Lago resort, thanking the world’s wealthiest person for spending a fortnight campaigning in Pennsylvania.

Musk, who put at least $130 million into a pro-Trump campaign effort, turned Trump support into virtually a full-time job in recent months. Musk’s investment in Trump has started to pay off already, even though Trump doesn’t assume office until Jan. 20. Tesla shares climbed 15% on Wednesday, adding about $15 billion in paper value to Musk’s net worth. The EV maker is not doing very well currently, but with Musk cozying up to the president-elect Trump, who has promised to slash the kinds of regulations that Musk abhors, Wall Street is betting the EV maker, on balance, will be a beneficiary.

For Musk, the probable gains go well beyond Tesla. During his victory speech, Trump also commended Musk’s SpaceX and expressed gratitude to Musk for delivering Starlink Wi-Fi terminals to Hurricane-hit parts of the U.S. That all leaves Elon Musk with many reasons to be optimistic that a second Trump administration will pay healthy dividends to his businesses.

Musk’s companies are at present embroiled in a range of lawsuits and probes from federal agencies pertaining to matters including alleged securities law violations, labor and civil rights violations, workplace safety, vehicle safety defects, consumer fraud and violations of federal environmental laws. Given the executive branch’s commanding control over federal regulatory bodies, Musk can hope that regulators and intelligence agencies wind down some or all of the 19 known ongoing federal investigations and lawsuits against SpaceX, Tesla and X, formerly known as Twitter.

Musk was one of the many Trump fans and surrogates to speak during an all-day rally held on Oct. 27 at Madison Square Garden, New York. Musk was introduced by Howard Lutnick (Cantor Fitzgerald CEO), who termed the SpaceX CEO the “greatest capitalist” in U.S. history. Howard said he and Musk co-founded the envisioned “Department of Government Efficiency” and he asked Musk how much he believed could be cut from the federal budget. Musk replied “at least $2 trillion,” which is in excess of the federal government’s discretionary budget of $1.7 trillion. The remark received a scream from Howard and applause from the crowd.

Musk didn’t spell out what he sought to cut, but he has previously accused agencies including the SEC, Federal Aviation Administration and Environmental Protection Agency of regulatory overreach or infringing on his free speech rights. He also accused the Joe Biden administration of hiring too many IRS personnel, and has frankly objected to a so-called billionaires’ tax.

Having a role in a bespoke commission could grant Elon Musk power over federal agencies’ staffing, budgets and the capacity to push for the elimination of inconvenient regulations. Musk also stated during a Tesla earnings call held on Oct. 23, that he intended to use his sway with Donald Trump to establish a “federal approval process for autonomous vehicles.” Presently, approvals happen at the state level.

Positive effect of US President-Elect Donald Trump’s stunning win on musk’s fortune started to show shortly after the victory of trump. The owner of SpaceX, Tesla, and social media company X saw his net worth surge by $26.5 billion, or over 12 percent, to reach $290 billion, according to a Mint report that used data from the Bloomberg Billionaire Index.