Mr Musk, the owner of Tesla and X, has aggressively campaigned for the Republican candidate in swing states across the country.
Trump's campaign is also hosting a watch party at the Palm Beach Convention Center for thousands of supporters.
He posted a photo of himself on Tuesday saying he voted in Cameron County, Texas - where some of his companies are headquartered - before heading to Florida.
Later in the evening, he wrote on X, "Game, set and match".
The campaign was feeling confident late on Tuesday as supporters gathered at Trump's headquarters in the Palm Beach convention centre to wait for results. At one point, the crowd broke into a dance celebration to YMCA.
Huge cheers erupted in the crowd as the state of Florida was projected as a win for Trump, albeit a win that was never in doubt.
"There's a lot of really excited people there" who were "cautiously optimistic", she told the BBC.
Steve Witkoff, a close friend of Trump, was also with him at Mar-a-Lago. There was "a strong feeling of excitement and purpose", he said.
The crowd included Blake Marnell, who often wore a brick-patterned suit to Trump events in support of Trump's as-yet unfounded promise to build a wall along the southern border. He said he was feeling very optimistic about his candidate's chances.
Sergio Ramirez, a businessman originally from El Salvador, claimed Trump could only lose if the Democrats "cheated... I donāt see how she can win ā Kamala wasnāt a popular candidate."
Michael, dressed in a āBlacks for Trump 2024ā T-shirt. āWe outnumbered them in early voting and we outnumber them nowā, he claims.
Bannon was released from federal prison one week ago, after serving four months behind bars for contempt of the US Congress.
Kamala Harris will spend election night at Howard University, her alma mater and a historically black university in. Washington DC.
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