Elon Musk stands to gain from his ties to President-elect Trump, with Tesla shares surging post-election. Trump's policies, including deregulation and tariffs on Chinese imports, could benefit Musk’s businesses, including Tesla and SpaceX.
Billionaire Elon Musk stands to gain significantly from his relationship with U.S. President-elect Donald Trump, having been one of Trump’s key supporters during the 2024 campaign.
After Trump’s victory over Vice President Kamala Harris, Tesla shares soared nearly 15%, adding around $120 billion to the company’s market value. Musk contributed millions to Trump’s campaign, and Trump has proposed a government efficiency commission led by Musk to reduce federal spending.
Musk's influence is expected to grow further, given his substantial role as a U.S. Department of Defense contractor through his Starlink broadband system and as Tesla's CEO.
Musk has benefited from policies that Trump opposed, such as the solar and electric vehicle (EV) credits in the 2022 Inflation Reduction Act. Trump’s push to reduce EV mandates could potentially benefit Tesla more than its competitors due to the company’s high sales volume.
A group representing the EV industry expressed its willingness to collaborate with Trump, who has pledged to reverse many of the pro-EV policies of the Biden administration.
'HEDGED HIS BETS'
“Musk basically hedged his bets by his association with Trump and likely will get favorable treatment from the Trump administration,” said Dennis Dick, trader at Triple D Trading.
Regulatory approval for Full Self Driving will be a challenge for Tesla, but Musk is likely to secure approvals faster with Trump’s support. Shares of EV companies Lucid Group (LCID.O) and Rivian Automotive (RIVN.O) dropped 5.3% and 8.3%, respectively. Trump's promised tariffs on Chinese imports, especially on EVs, could shield Tesla from competition, analysts said. Shares of China's BYD (002594.SZ) fell 2.3% overnight.
It’s unclear how Musk will address conflicts of interest in sectors like auto, space, health, and AI, or whether he’ll leverage them under a Trump administration’s hands-off regulatory approach.
A role overseeing deregulation would give Musk influence over U.S. policy on AI, space exploration, and EVs, said Mamta Valechha, consumer analyst at Quilter Cheviot.
Musk may use his influence to reduce regulatory oversight. He’s criticized federal reviews of SpaceX and wants faster approval of his autonomous driving technology.
Musk is also a proponent of carbon-free energy, as Tesla is a major supplier of solar systems and batteries. Trump has promised to eliminate the offshore wind industry and rescind unspent funds under the Inflation Reduction Act, Biden’s climate law. However, Republican-led states have benefited from the law; Musk is building his second U.S. EV factory in Texas.
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Elon Musk did not appear before French prosecutors on Monday after being formally summoned for questioning in an investigation into the alleged misuse of his social media platform X.
Blue Origin, the U.S. space company of billionaire Amazon founder Jeff Bezos, successfully reused and recovered a booster for its New Glenn rocket launched from Florida on Sunday (19 April), in the latest chapter of its intensifying rivalry with Elon Musk’s SpaceX.
NASA announced on Tuesday it has cancelled plans to deploy a space station in lunar orbit and will instead use components from the project to build a $20 billion base on the moon's surface, while also planning to send a nuclear-powered spacecraft to Mars.
U.S. Department of Justice (DOJ) documents have revealed the late Jeffrey Epstein’s extensive connections across politics, business and academia, prompting resignations, investigations and renewed public scrutiny of his influence.
Argentina has reiterated its interest in resuming talks with the United Kingdom over the Falkland Islands, a disputed archipelago in the South Atlantic, after reports that an internal Pentagon email suggested reviewing Washington’s support for the UK’s claim amid tensions over the Iran war.
Ukrainian President Volodymyr Zelenskyy is in Azerbaijan for talks with President Ilham Aliyev, holding meetings in Gabala on Saturday (25 April) during a working visit to the country.
Diplomatic efforts to end the Iran war suffered a setback on Saturday as U.S. President Donald Trump cancelled a planned envoy visit to Pakistan for talks, even as parallel regional diplomacy continued and military tensions escalated in Lebanon.
China’s growing use of electric and hydrogen-powered vehicles took centre stage at the Beijing Auto Show 2026, which opened on 24 April, highlighting the country’s expanding clean transport ambitions.
The United States has issued an international warning accusing Chinese firms, including AI start-up DeepSeek, of allegedly stealing intellectual property from American artificial intelligence labs.
The United States has issued an international warning accusing Chinese firms, including AI start-up DeepSeek, of allegedly stealing intellectual property from American artificial intelligence labs.
Meta Platforms will cut about 10% of its global workforce from 20 May, marking the start of a wider restructuring as the company increases spending on artificial intelligence (AI) and plans further layoffs later this year, according to sources familiar with the matter.
President Donald Trump has warned that the U.S. could impose "big" tariffs on British goods if the UK does not remove its digital services tax. Speaking to reporters at the White House on Thursday, Trump said Washington was ready to act in response to the levy on major American technology firms.
China's domestic automakers have a message for the boardrooms of premium German brands such as Porsche, Mercedes-Benz, and BMW: We are coming for your customers, and we are armed with superior technology at a fraction of the cost.
Tim Cook, the tech boss who led Apple to become a $4 trillion company in its post-Steve Jobs era, is stepping down after 15 years in the top job. John Ternus, an Apple veteran of 25 years, who is currently the U.S. company’s Vice President of Hardware Engineering, will take over from September.
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