What Elon Musk could gain from a Trump presidency

Donald Trump’s comeback to the White House could also be advantageous for one of his most prominent backers: Elon Musk.

The wealthiest person in the world spent election night in Florida alongside Trump at his Mar-a-Lago estate while the results were being counted.

“Tonight, the American people clearly showed their support for @realDonaldTrump and the changes he represents,” Mr. Musk commented on the social media platform X as Trump’s victory became increasingly unmistakable.

During his victory speech at the Palm Beach Convention Center, Trump took several moments to commend Mr. Musk and shared the story of a successful rocket landing by SpaceX, one of Musk's companies.

Mr. Musk expressed his backing for the Republican soon after the assassination attempt on Trump in Butler, Pennsylvania, in July.

As a key supporter of the president-elect, the tech billionaire contributed over $119 million (£92 million) to finance a Super PAC focused on helping Trump get re-elected.

In the final weeks leading up to the election, he focused on mobilizing voters in key states, implementing a daily initiative that offered $1 million in prizes to participants. This promotional effort faced a legal dispute, but ultimately, a judge decided that it could proceed as planned.

By supporting Trump with his name, wealth, and influence, Mr. Musk stands to benefit significantly if Trump wins re-election.

The president-elect mentioned that if he secures a second term, he plans to bring Mr. Musk on board to help cut down on government waste.

Mr. Musk has dubbed this possible initiative the “Department of Government Efficiency,” abbreviated as DOGE, after a meme and cryptocurrency that he has helped bring into the spotlight.

The entrepreneur might gain from Trump's time in office due to his ownership of SpaceX, a company that is already a leader in launching government satellites into orbit.

Having a trusted partner in the White House, Mr. Musk may look to leverage those connections with the government even more.

Mr. Musk has expressed his concerns about competitors like Boeing, pointing out that their government contracts are structured in a way that discourages them from completing projects within budget and on schedule.

SpaceX has started developing surveillance satellites at a time when the Pentagon and U.S. intelligence agencies seem ready to pour billions of dollars into this technology.

Tesla, the electric car company founded by Mr. Musk, might benefit from a government led by Trump, who has promised to reduce regulations significantly.

Only a month ago, the American agency responsible for overseeing road safety announced that it was investigating Tesla's autonomous driving software.

Mr. Musk has faced criticism for allegedly attempting to prevent Tesla employees from forming a union. The United Auto Workers have filed complaints regarding unfair labor practices against both Trump and Musk after they discussed Musk's purported threat to terminate workers who were striking during a conversation on X.

Trump has also promised to reduce taxes for businesses and high-income individuals.

That's another commitment Mr. Musk probably hopes to uphold.