November 6th 2024.
Dana Hull, a renowned journalist from Bloomberg News, recently reported on the impact of billionaire Elon Musk on Donald Trump's campaign and potential presidency. Musk, known for his role as CEO of Tesla Inc. and SpaceX, has been a significant supporter of Trump and his policies. As the election results roll in, many are curious to see if Musk's investment in Trump's campaign will prove to be beneficial or detrimental to his own interests.
Musk's involvement in politics has already proven to be effective, giving him more than just a political ally in the White House. Trump has even suggested giving Musk a position in the government to oversee budget cuts, giving him significant power to shape policies and influence federal agencies that oversee his companies.
During his campaign, Trump publicly praised Musk, calling him a "super genius" and stating that the country needs to protect and support its talented individuals. This endorsement from the President-elect has already had a positive impact on Tesla's stock, which has seen a surge in value since the election.
Musk, who is new to the political scene, has been an aggressive advocate for Trump. He has used his social media platform, X, to promote Trump's campaign and has hosted events in crucial states like Pennsylvania. Musk even appeared at a rally with Trump, receiving higher billing than the Republican's own running mate.
The billionaire spent over $130 million on Trump and other Republican candidates in competitive House races, making him one of the top donors in this election cycle. On Election Day, Musk voted in Texas before flying to Florida to watch the returns with Trump and his family at Mar-a-Lago, as seen in a photo shared by his political action committee.
Musk's financial interests are closely tied to the incoming administration, as his companies have significant contracts with the federal government. SpaceX, in particular, has become a crucial partner for NASA and the U.S. Defense Department, with contracts worth billions of dollars. Meanwhile, Tesla's future depends heavily on the success of their autonomous robotaxis, which faces strict regulations.
During his time in office, Musk's personal fortune has fluctuated, reaching as high as $340 billion and as low as $124 billion. However, it has mostly been on an upward trend, with his net worth at $263.8 billion on Election Day.
Throughout the campaign, Musk expressed interest in a role in the government, specifically in charge of cutting government bureaucracy and waste. Trump enthusiastically embraced this idea, calling Musk a "cost cutter" and even joking about him leading a "Department of Government Efficiency" (DOGE).
If given this position, Musk has promised to cut $2 trillion from the federal budget, but has yet to specify which agencies he would target. He has been vocal about his frustrations with regulatory agencies that oversee his companies, citing a long delay for approval of a SpaceX rocket as an example.
Having a broad remit in the government would give Musk significant leverage to reshape these agencies and potentially remove regulatory barriers for his companies. He has already stated his intention to push for a federal approval process for fully autonomous vehicles, which is currently restricted.
While it is not uncommon for U.S. presidents to tap business leaders for their administrations, Musk's potential role would be unique. Trump's first term saw the appointment of former Goldman Sachs executive Steve Mnuchin as Treasury Secretary, but Musk's position would not be a Cabinet-level role, allowing him to continue his duties as CEO.
It is clear that Musk's support has influenced Trump's views on certain issues, such as electric vehicles and space exploration. Trump went from criticizing "crooked Joe's insane electric vehicle mandate" to expressing support for EVs after Musk's endorsement. He also embraced Musk's goal of reaching Mars by 2028 using SpaceX rockets, stating, "Get going, Elon."
As the election results are finalized and the transition of power takes place, it remains to be seen how Musk's relationship with Trump and his potential role in the government will impact his companies and personal fortune. Only time will tell if his investment in Trump's campaign will pay off or potentially backfire.
Billionaire Elon Musk played a significant role in helping Donald Trump secure his victory in the United States presidential election. As the results came in, Musk eagerly awaited to see if his efforts would pay off or if he would end up getting burned.
Musk's political involvement has already proven successful, and now he stands to gain more than just an ally in the White House. Trump has expressed interest in giving Musk a role in cutting government spending, which would give him the power to shape policies and influence the federal agencies that oversee his various companies.
During his campaign, Trump spoke highly of Musk, calling him a "character" and a "super genius" while addressing his supporters. He even stated that geniuses like Musk need to be protected, as they are a rare commodity.
The news of Trump's potential victory has already caused Tesla's stock to soar, with an increase of 15% in early trading. Musk also shared a chart on his social network, X, showing record usage, adding "let that sink in." In a playful nod to his humor, he posted a fake photo of himself carrying a sink into the Oval Office, reminiscent of the time he brought a sink to Twitter headquarters.
Musk's support for Trump has been evident in the past few months, as he was one of the most vocal and active surrogates. He used his platform on X to promote Trump, hosted town halls in critical states, and even appeared at a rally with a higher billing than Trump's running mate. Musk's financial contributions also played a significant role, with over $130 million donated to Trump and other Republican candidates in competitive House races.
As the world's richest man, Musk has a lot to gain from the incoming administration. He oversees six companies, several of which have close ties to the US government. SpaceX, in particular, has become a vital partner to NASA and the US Defense Department, with contracts worth billions. Tesla's future success also relies on a shift towards autonomous robotaxis, which could face regulatory hurdles.
Musk's personal fortune has fluctuated during Joe Biden's presidency, reaching a high of $340 billion and a low of $124 billion. However, it has mostly been on an upward trend, with a net worth of $263.8 billion on Election Day.
During his campaign, Musk proposed a job for himself as the head of an agency responsible for cutting government bureaucracy and waste. Trump was enthusiastic about the idea and frequently mentioned it at rallies, even giving the position a lighthearted name, "Secretary of Cost Cutting." Musk joked that he would lead the "Department of Government Efficiency," a nod to the cryptocurrency he has long promoted, DOGE.
If appointed to this role, Musk has promised to cut an unprecedented $2 trillion from the federal budget. He has not specified which agencies he would target, but he has been vocal about his frustrations with regulatory bodies that oversee his companies. In a recent podcast, he described the frustrating process of waiting for regulatory approval for a SpaceX rocket, comparing it to Gulliver being tied down by a million strings.
This position would give Musk significant leverage to reshape federal agencies and influence investigations into his companies. He has already stated that he would use his power to push for a federal approval process for fully autonomous vehicles, as current rules restrict the number of cars without steering wheels or other controls that can be put on the road.
While it is not uncommon for presidents to appoint executives and business leaders to their administrations, none have been quite like Musk. Trump's first term saw the appointment of former Goldman Sachs executive Steve Mnuchin as Treasury Secretary, but the role of cutting government spending is not expected to be a Cabinet-level position. This means that Musk would not have to step away from his CEO duties.
Musk's support has already influenced Trump's views on certain issues. After receiving Musk's endorsement in July, Trump changed his stance on electric vehicles, going from strongly opposing them to sometimes praising them. He even acknowledged Musk's ambitions to reach Mars using SpaceX rockets by 2028, stating, "We will land an American astronaut on Mars. Thank you, Elon. Get going, Elon."
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