In a dramatic twist of fortune, Elon Musk saw his net worth increase by $15 billion following Donald Trump’s victory in the presidential race. Celebrating at Mar-a-Lago, Trump introduced Musk with admiration, calling him “a star” for his significant efforts in Pennsylvania’s campaigning, where Musk reportedly spent $130 million on a pro-Trump initiative. His influence extended across swing-state voter registration drives and was visible through constant endorsements of Trump on his social media platform, X.
Tesla’s stock surged 15% post-election, a response to Wall Street’s optimism over a Trump administration that may relax regulations and cut red tape, benefiting Musk’s ventures. Beyond Tesla, Trump praised Musk’s SpaceX for delivering Starlink Wi-Fi to hurricane-hit areas in the U.S., signaling the likelihood of continued government support for Musk’s ventures.
Musk’s gains from a Trump presidency extend beyond stock value. With federal regulatory bodies in the hands of Trump’s appointees, Musk may see a halt or slowdown in the 19 ongoing federal investigations into Tesla, SpaceX, and X. This includes probes into workplace safety, environmental standards, and securities regulations. A Trump administration could also advance Musk’s goal of creating a centralized federal approval process for autonomous vehicles, potentially streamlining Tesla’s path to fully autonomous technology.
Additionally, Musk has voiced interest in significant cuts to federal agency budgets, targeting areas he deems wasteful. His advocacy for reduced regulatory oversight aligns with Trump’s campaign promises, creating a favorable climate for Musk’s businesses. As Musk positions himself as a political influencer, with plans to support candidates in future elections, his role in shaping policy appears set to continue for the foreseeable future.
