Musk endorsed Trump from the beginning and even campaigned for him in the race to reach the White House.

Addressing his supporters, Trump, who will become the 47th President of the country and return to power for the second term, said:  "We have a new star. A star is born. Elon. Now he is, he’s an amazing guy."

Reacting to Trump's victory, Musk wrote on X: "The people of America gave @realDonaldTrump a crystal clear mandate for change tonight."

Scripting a historic return to the White House after a gap of four years, Republican candidate Donald Trump called the US Presidential election result "unprecedented and powerful" with a promise to usher in the "golden age of America" and enforce a stricter border control.

Declaring victory for himself at a massive gathering, Trump said, "America has given us an unprecedented and powerful mandate. We have taken back control of the Senate."

The Republican candidate, who faces dozens of criminal cases, is hopeful to take control of the House of Representatives as well.

"It's a political victory our country has never seen before," says Trump, who will be the second President in the history of the US to return to office after a break. He said this "is truly the beginning of the golden age of America."

"We made a history for a reason tonight," he said. 

Democrat Grover Cleveland was the only President to serve two non-consecutive terms (1885-1889 and 1893-1897) in the history of the US.

US Vice President Kamala Harris, who refused to address a crowd at her headquarters on Tuesday night, has bagged 219 electoral votes.