How Elon Musk's clout with Donald Trump could enrich his companies
The Hindu
Elon Musk’s backing of Donald Trump’s victory for a second presidency gives the billionaire extraordinary influence.
Elon Musk’s backing of Donald Trump’s decisive victory for a second presidency gives the billionaire entrepreneur extraordinary influence to help his companies secure favorable government treatment.
Musk contributed at least $119 million to a pro-Trump spending group, federal records show, and tirelessly touted the former president at the critical late stage of his campaign.
Musk's politicking reflects a wider strategy to insulate his companies from regulation or enforcement and boost their government support, according to Reuters interviews with six Musk-company sources familiar with his political and business dealings and two government officials who have extensive interactions with Musk firms. The sources provided a rare view of the strategising inside Musk's firms to take full advantage of his deepening relationship with Trump.
Musk's business interests - from Tesla electric vehicles to SpaceX rockets and Neuralink brain chips - depend heavily on government regulation, subsidies or policy.
“Elon Musk sees all regulations as getting in the way of his businesses and innovation,” said one former top SpaceX official who spoke on condition of anonymity. “He sees the Trump administration as the vehicle for getting rid of as many regulations as he can, so he can do whatever he wants, as fast as he wants.”
Musk endorsed Trump on July 13, the day the candidate was shot in the ear in a Pennsylvania assassination attempt. Musk's donations financed an extensive get-out-the-vote effort as Trump faced a stiffer challenge after Vice President Kamala Harris replaced President Joe Biden in July as the Democratic presidential nominee. Musk spent election night with the president-elect at his Mar-a-Lago club in Florida, and Trump has said he would name Musk as his administration's "efficiency czar."
Tesla, SpaceX, Neuralink and Musk did not respond to requests for comment. The Trump campaign called Musk a "once-in-a-generation industry leader" in a statement to Reuters, adding that the "broken federal bureaucracy will certainly benefit from his ideas and efficiency."
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