Election of Donald Trump: What Musk could get from a Trump presidency

Donald Trump’s return to the White House could also prove to be a victory for one of his most visible supporters: Elon Musk.

The world’s richest man spent election night in Florida with Mr. Trump at his Mar-a-Lago resort as the results came in.

“The American people have given @realDonaldTrump a clear mandate for change tonight,” Mr. Musk wrote on the social media platform X, as Mr. Trump’s victory seemed all but certain.

During his victory speech at the Palm Beach Convention Center, Mr. Trump spent several minutes praising Mr. Musk and recounting the successful landing of a rocket made by one of Mr. Musk’s companies , SpaceX.

Mr. Musk threw his support behind the Republican almost immediately after Mr. Trump’s assassination attempt in Butler, Pa., in July.

As one of the president-elect’s biggest backers, the tech billionaire has donated more than $119 million (£92 million) to fund a Super PAC aimed at re-electing Trump.

He also spent the final weeks leading up to Election Day leading a get-out-the-vote campaign in key states, which included donating $1 million daily to voters in those states. This operation was the subject of a legal challenge, but a judge later ruled that it could continue.

Having put his name, his money and his platform at the service of Mr. Trump, Mr. Musk has a lot to gain from the latter’s re-election.

The president-elect said that during his second term, he would invite Mr. Musk to be part of his administration to eliminate government waste.

Mr. Musk called this potential initiative the “Department of Government Efficiency” (DOGE), the name of a meme and cryptocurrency he popularized.

The businessman could also benefit from Mr. Trump’s presidency through his stake in SpaceX, which already dominates the business of sending government satellites into space.

With a close ally in the White House, Mr. Musk could seek to further capitalize on these government ties.

Mr. Musk has criticized rivals including Boeing for the structure of their government contracts, which he says discourages completing projects on budget and on time.

SpaceX has also embarked on the construction of spy satellites at a time when the Pentagon and American spy agencies appear ready to invest billions of dollars in them.

Tesla, Mr. Musk’s electric vehicle maker, could benefit from an administration that, according to Mr. Trump, would be defined by “the lowest regulatory burden.”

Last month, the US agency responsible for regulating highway safety revealed that it was investigating Tesla’s self-driving software systems.

Mr. Musk has also been criticized for allegedly seeking to prevent Tesla workers from unionizing. The United Auto Workers filed an unfair labor practice complaint against Mr. Trump and Mr. Musk after the latter discussed Mr. Musk’s alleged firing of striking workers during a conversation on the X Network.

Mr. Trump also pledged to cut taxes on corporations and the wealthy.

It’s another promise Mr. Musk probably hopes he keeps.