In the months leading up to the election, Elon Musk put his full weight behind the Maga movement, backed Trump on podcasts and used his influence over X to shape political discourse. Musk's America political action committee (Pac) injected nearly $120m (£92m) into the campaign.
Now Trump is in a position to return the favour. Speaking to reporters last month, he said he would appoint Musk as "secretary of cost-cutting". Musk, for his part, has joked he would be interested in serving as head of the "Department of Government Efficiency" (Doge) with a stated goal of reducing government spending by $2tn.
Practically speaking, experts say those cost cuts could result in deregulation and policy changes that would directly impact Musk's universe of companies, particularly Tesla, SpaceX, X and Neuralink.
"We've seen lobbying efforts, we've seen Super Pacs, but this is a different level we've never seen before," said Gita Johar, a professor at Columbia Business School. "There will be some quid pro quo where he [Musk] will benefit." She added: "'Conflict of interest' seems rather quaint."
Tesla
Tesla is already reaping the benefits of a second Trump administration. On Wednesday, hours after the Associated Press called the presidential race for Trump, the electric vehicle company's stock shot up 13% to a 52-week high. By the end of the week, Tesla reached $1tn in market capitalisation, its highest valuation in two years. Musk's own fortune shot up $26bn.
Bu hikaye The Guardian dergisinin November 11, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Guardian dergisinin November 11, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Money hacks How to use your Christmas gift vouchers wisely
The first thing to do is read the small print (it could be very small if it is squeezed on the back).
'It's not job done' More change to come as M&S gets its spark back
M&S menswear, above, is starting to compete for style with specialist rivals while the company's menswear has successfully caught the attention of younger buyers
Taken to court ... as a victim of identity theft
A fraudulent phone contract has been taken out in my husband's name and he is now threatened with court action.
New start Is 2025 the right time to become your own boss?
Going freelance is not without risk but if you want to shed the shackles of your 9-5, then Suzanne Bearne can help you plan it properly
Feeling the heat British Gas hit by 400,000 complaints
It has been both astonishing and appalling in equal measure,\" says Jonathan Hattersley, 66, from Cambridgeshire.
Biden Blocks Japanese Firm's $15bn Bid for US Steel Over Security Fears
Joe Biden blocked a $14.9bn (£12bn) bid by Japan's Nippon Steel for US Steel yesterday, citing concerns the deal could hurt national security and following through on a pledge to keep the company domestically owned as he prepares to depart the White House.
We're like snipers' Lethal and cheap, drones dominate the frontline now
Denys, a soldier with Ukraine's Khyzhak brigade, describes a new kind of war. Standing in a barracks workshop with piles of basic Ukrainian first-person view (FPV) drones behind him, he says: \"There are fewer gunfights because there are more drone fights.\" Frontlines that were once a gunshot apart are now a killing zone several miles deep as Russian and Ukrainian drone squads hidden behind the frontlines target each other's forces with aerial attacks. \"Back in 2022, we were still running around with machine guns from the tree lines,\" Denys says, almost with nostalgia.
Profits at GB News owner's hedge fund plunge 64%
Profits at the hedge fund co-founded by the GB News and Spectator owner Sir Paul Marshall plunged by almost two-thirds last year, resulting in significantly reduced payouts for its partners.
Call to stick to tougher green targets amid record EV sales
Carmakers sold a record number of electric cars in the UK last year, prompting environmental groups to urge the government to stick to tougher green targets even as the industry argues they are unsustainable.
Handbags and watches help take Thailand PM's declared worth to £322m
Thailand's prime minister, Paetongtarn Shinawatra, has declared £322m in assets, including a collection of 217 designer handbags and 75 luxury watches in submissions on her wealth to a government body.
