"This will truly be the golden age of America," Trump said. "This is a magnificent victory for the American people that will allow us to make America great again."
Trump during his speech praised CEO for supporting him in his campaign, which included forming a political action committee, America PAC, to back him.
Trump spoke at length about the recent successful landing of the booster of Musk's SpaceX Startship rocket onto its launch pad in Texas after the rocket's upper stage headed to splashdown halfway around the world in the Indian Ocean.
"I thought it was a Space Age movie or something," Trump said.
"We have a new star, a star is born, Elon!" Trump said of Musk, who is the richest person in the world.
Trump also touted his support from Robert F. Kennedy Jr., the independent candidate who ended his campaign for president.
Trump said Kennedy, a vaccine skeptic and conspiracy theorist, would play a key role in determining health-care policy in his administration.
"He's going to help make America healthy again," Trump said "He's a great guy, and he really means that he wants to do some things, and we're going to let him go to it."
Trump's running mate, Ohio Sen. JD Vance, said, "Well, Mr. President, I appreciate you allowing me to join you on this incredible journey."
"I thank you for the trust that you placed in me, and I think that we just witnessed the greatest political comeback in the history of the United States of America," Vance said.
Harris had been expected to address her own supporters Tuesday night at the Democrat's alma mater, Howard University, in Washington, D.C.
But the vice president opted not to speak, and instead plans to do so later Wednesday.
