Elon Musk Set to Gain from Trump’s Presidential Victory
As Donald Trump celebrated his presidential win, Elon Musk stood beside him, ready to reap potential rewards from a pro-business administration. Trump acknowledged Musk’s efforts on stage at Mar-a-Lago, praising him for his involvement, including $130 million in campaign support and efforts to mobilize voters.
Tesla shares surged 15% following the election, adding an estimated $15 billion to Musk’s net worth. Despite challenges Tesla faces from overseas competition and Musk’s controversial views, Wall Street is optimistic about the company’s future under Trump’s promised regulatory rollbacks. For Musk, however, the benefits extend beyond Tesla.
Trump lauded Musk’s contributions through SpaceX, especially Starlink’s aid in U.S. disaster zones. Additionally, Musk may see reductions in the numerous federal investigations currently facing his companies, including Tesla and SpaceX, given the executive branch’s influence over regulatory agencies.
Musk’s alliance with Trump could also bring him a role in shaping the federal budget. At a recent rally, Musk expressed interest in cutting $2 trillion from government spending, suggesting plans to target regulatory bodies he views as overreaching.
Moreover, Musk hopes to establish a federal approval process for autonomous vehicles, currently regulated by states, which could accelerate Tesla’s advancements in driverless technology. His AI startup, xAI, may also gain traction, potentially receiving government support for defense-related artificial intelligence initiatives, in line with collaborations established by tech giants like Meta and OpenAI.
In a Trump administration, Musk’s influence could reshape policies favorable to his ventures, from space exploration to advanced AI development.
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