Elon Musk, the world’s richest man and one of Donald Trump’s most prominent supporters, is poised to reap the rewards of Trump’s return to the White House following his re-election. Musk, who has been a vocal backer of the former president, spent election night with Trump at his Mar-a-Lago resort in Florida, watching the results as they came in.
“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” Musk wrote on X (formerly Twitter) as Trump’s victory became increasingly evident. During his victory speech at the Palm Beach Convention Center, Trump took several moments to praise Musk, highlighting the success of SpaceX’s rocket landings, a company Musk founded.
Musk’s support for Trump began soon after a 2023 assassination attempt on the former president, with the tech billionaire becoming one of his most important backers. Musk donated over $119 million to a Super PAC dedicated to re-electing Trump and ran a get-out-the-vote campaign in key battleground states in the final weeks of the election. His initiative, which included a $1 million daily giveaway in those states, became the subject of a legal challenge but was ultimately allowed to proceed by a judge.
With Trump’s victory, Musk stands to benefit significantly. The president-elect has stated that he would invite Musk to join his administration in a new role focused on eliminating government waste. Musk has dubbed this potential effort the “Department of Government Efficiency” (DOGE), drawing on the name of a cryptocurrency meme he has popularized.
Musk’s companies, particularly SpaceX, are also poised for growth under Trump’s presidency. SpaceX already dominates the market for launching government satellites, and with a close ally in the White House, Musk could expand his ties to the U.S. government. He has been critical of competitors like Boeing for inefficiencies in government contracts and has positioned SpaceX to take advantage of the growing U.S. military demand for spy satellites.
Musk’s electric vehicle company, Tesla, could also benefit from Trump’s promises to reduce regulations. Tesla has faced scrutiny over its self-driving software and alleged attempts to prevent unionization at its factories. However, Musk may find a more favorable environment for Tesla under Trump, who has pledged to lower taxes on corporations and the wealthy—another policy Musk is likely to support.
With Trump back in power, Musk’s close connection to the administration positions him to secure both regulatory advantages and government contracts, further solidifying his influence in the U.S. business and political landscape.
