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.
Donald Trump and Elon Musk held a final press conference in the Oval Office to mark the official end of Musk’s role as head of the Department of Government Efficiency (DOGE).
Elon Musk announced Wednesday that he is leaving his role as a special adviser to President Donald Trump, ending a rocky chapter marked by major government layoffs, agency cuts, and political pushback.
Elon Musk has officially stepped down from his role in the Trump administration, bringing an end to his involvement in the Department of Government Efficiency (DOGE), a cost-cutting initiative he helped lead.
SpaceX's latest Starship launch from Texas ended in an uncontrolled spin before completing key mission goals, highlighting fresh challenges for Elon Musk’s ambitious Mars program.
The bitter public feud between tech giants Elon Musk and Bill Gates has escalated, as Gates blames Musk for cutting off aid to vulnerable populations—while Musk counters by questioning Gates’ moral authority over his ties to convicted sex offender Jeffrey Epstein.
Europe is facing yet another climate-driven drought, with hotspots like Spain, Cyprus, and Greece under severe alert. Hydropower, agriculture, and tourism are already feeling the pressure after an unusually hot spring.
Russia's overnight attacks killed one person in Ukraine's northeastern region of Kharkiv and injured several more in the northern city of Chernihiv, regional Ukrainian officials said on Tuesday.
A 5.8-magnitude earthquake struck off the coast of Türkiye near Mugla’s Marmaris district, causing panic and minor injuries. Officials report building cracks and dozens injured after jumping in fear.
Russia laid out strict demands for ending the war during peace talks in Istanbul, calling on Ukraine to cede territory and limit its military.
UK Trade Minister Jonathan Reynolds is set to meet U.S. Trade Representative to discuss the next steps in a complicated tariff deal, amid steel tariffs that could impact British industry.
On May 28, the inauguration ceremony of Lachin International Airport was held.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
U.S. stocks pushed higher on Monday, closing in on record levels after a volatile start to the day. Despite weak manufacturing data and renewed trade tensions between the U.S. and China, investor optimism held strong, with major indexes recovering thanks to tech gains and a surge in oil prices.
Azerbaijan’s state oil company SOCAR and Canada’s Gran Tierra Energy Inc. have signed a memorandum of understanding (MoU) to conduct joint research focused on the technical and economic assessment of a project to explore, develop, and produce hydrocarbon resources in the Guba-Caspian region.
The Food and Agriculture Organization of the United Nations (FAO) has warned that, without immediate and sustained support, thousands of rural households in Ukraine may be unable to plant or harvest on schedule—threatening both national food security and rural livelihoods.
Tesla’s new car registrations in Norway jumped by 213% year-on-year in May, reaching 2,600 vehicles, boosted by strong demand for the revamped Model Y SUV.
Switzerland’s economy outperformed expectations in Q1 2025, driven by a surge in exports to the United States and strong growth in the chemical and pharmaceutical sectors.
Europe is facing yet another climate-driven drought, with hotspots like Spain, Cyprus, and Greece under severe alert. Hydropower, agriculture, and tourism are already feeling the pressure after an unusually hot spring.
Russia's overnight attacks killed one person in Ukraine's northeastern region of Kharkiv and injured several more in the northern city of Chernihiv, regional Ukrainian officials said on Tuesday.
A 5.8-magnitude earthquake struck off the coast of Türkiye near Mugla’s Marmaris district, causing panic and minor injuries. Officials report building cracks and dozens injured after jumping in fear.
Russia laid out strict demands for ending the war during peace talks in Istanbul, calling on Ukraine to cede territory and limit its military.
UK Trade Minister Jonathan Reynolds is set to meet U.S. Trade Representative to discuss the next steps in a complicated tariff deal, amid steel tariffs that could impact British industry.
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