Elon Musk’s strong backing of Donald Trump could have significant implications for the upcoming November 5 presidential election. Since July, following an assassination attempt on Trump, Musk has publicly supported him and even reinstated Trump’s banned Twitter account. He plans to assist Trump’s potential administration by serving on a government commission to audit federal operations, promoting drastic reforms. Musk’s financial influence, through substantial PAC contributions, raises concerns about the intersection of billionaire interests and political power.
Could Elon Musk be heading to the White House? This scenario might come to pass if Donald Trump wins the American presidential election on November 5. Following the assassination attempt on the former president in July, the CEO of Tesla, SpaceX, and X has openly supported Trump. Musk, the richest man in the world with an estimated wealth of $250 billion, reinstated Trump’s banned account months after acquiring Twitter, now known as X. On the platform, Musk amplifies various Trumpist theories and positions himself as a committed supporter of Trump’s campaign.
In August 2024, Musk even extended an invitation for a three-hour live interview on X. During this conversation, Trump praised Musk, stating, “You are the best cost-cutter,” in reference to the significant layoffs he enacted at X. Trump further remarked, “I need an Elon Musk. I need someone with strength, courage, and intelligence.”
Will Elon Musk Become the Key Figure for “Draconian Reforms” in a Trump Administration?
In September, Trump elaborated on his proposal: “On Elon Musk’s advice, I will establish a government commission to conduct a thorough financial and performance audit of the entire federal government, with the aim of recommending draconian reforms,” the former president stated. Musk quickly responded on X, expressing his eagerness to “serve America if the opportunity arises,” doing so “without salary, title, or recognition.”
Musk plays a pivotal role in Trump’s bid for the presidency. He founded America Pac, investing over $75 million into it. In the U.S., political candidates’ campaigns are funded by PACs (Political Action Committees), which collect private donations. Super PACs, like America PAC, are not bound by donation limits. Beyond this organization, Musk even launched a massive lottery in swing states where voters could win $1 million daily leading up to November 5, provided they signed a pro-Trump petition.
A Not-So-Altruistic Support for Donald Trump
Tim Walz, Kamala Harris’s running mate, criticized Musk, claiming, “This guy is literally the richest man in the world and spends millions to help Donald Trump buy the election,” during a speech in Wisconsin on October 23. According to Walz, Musk’s political involvement serves his interests, suggesting that Trump “will put Elon in charge of the government regulations affecting Musk’s companies.”
A New York Times investigation, released on October 20, unveiled the connections between Musk’s businesses and the federal government. SpaceX allegedly signed contracts worth over $15 billion with NASA and the Department of Defense, while Tesla has contracts valued at $325,000 and maintains privileged relationships with various agencies, especially within the energy sector. In 2023, 17 federal entities collaborated with Musk’s companies, generating approximately $3 billion in revenue for him. The report also noted around twenty investigations and legal actions directed at one of his companies.
The Long-standing Relationship Between Billionaires and Politics
The ties between billionaires and politics in the U.S. are deeply entrenched, evidenced by the rise of Trump, a former business mogul turned president. During his tenure, Trump appointed wealthy business leaders to his administration, including Wilbur Ross, an investor and banker worth $3 billion in 2016. Historically, influential figures like Charles Wilson (General Motors) and Henry Ford have also significantly impacted politics.
The organization Americans for Tax Fairness (AFT) reported on October 29 that American billionaires allocated nearly $600 million to support various presidential candidates, with a substantial portion ($450 million) going to Trump. Musk contributed approximately $133 million to Trump’s campaign. In contrast, Kamala Harris attracted $143 million in billionaire donations and, despite receiving smaller contributions, has a total funding exceeding $1 billion, compared to roughly $850 million for Trump, according to OpenSecrets.
The report highlights that “during his presidency, Trump lowered taxes for the wealthy and corporations… He promised further tax cuts should he secure a second term.” Conversely, “Harris has pledged to raise taxes on the affluent… including the introduction of a special tax for billionaires and ultra-wealthy individuals.” “We need to curtail the political power of billionaire families by implementing better taxation and effectively limiting their campaign contributions. Until this is addressed, we will only witness a growing influence of the ultra-rich over our politics and government,” states David Krass, executive director of AFT. The 2024 presidential campaign is recorded as the most