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.
Tesla has begun a small-scale robotaxi trial in Austin, Texas, deploying about 10 self-driving cars to pick up paying passengers in a limited area, as the state enacts new regulations for autonomous vehicles.
U.S. President Donald Trump has warned that there could be “serious consequences” if Elon Musk provides financial support to Democratic candidates challenging Republicans who back Trump’s tax-cut bill, signalling a sharp turn in their previously cordial relationship.
This edition of Newshour explores the roots and ripple effects of President Trump’s clash with Elon Musk. AnewZ correspondent Oubai Shahbandar joins the program to unpack the political and economic stakes, while residents of Oakland, California share how the dispute resonates on the ground.
SpaceX launched its Falcon 9 rocket carrying the SXM-10 satellite for SiriusXM early Saturday, marking another success despite rising political tensions.
An escalating feud between Elon Musk and Donald Trump threatens to disrupt key U.S. space programs and jeopardize $22 billion in government contracts with SpaceX.
Greek authorities have arrested a Georgian woman suspected of accidentally causing one of the wildfires devastating the island of Chios by discarding a cigarette, amid ongoing efforts to control the fires.
NATO has confirmed that its 2026 summit will be hosted by Türkiye, with Albania set to host the following summit in 2027, according to the final declaration from the summit in The Hague.
Turkish President Recep Tayyip Erdogan met with British Prime Minister Keir Starmer on the sidelines of the NATO summit in The Hague to discuss key regional and global issues.
NATO allies have pledged to raise defence spending to 5% of GDP by 2035, a major increase aimed at countering long-term threats, particularly from Russia and terrorism.
The Kremlin on Wednesday said Tehran’s decision to suspend cooperation with the International Atomic Energy Agency (IAEA) is a "direct" result of the recent Israeli and US strikes on nuclear facilities in Iran.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
Bitcoin and other cryptocurrencies regained value following a ceasefire between Israel and Iran, bouncing back after steep losses during the 12-day conflict.
Tesla’s new car sales in Europe plunged 27.9% in May, even as the region saw a major rise in demand for electric vehicles, data from the European Automobile Manufacturers Association (ACEA) showed.
Kazakhstan’s Energy Ministry, national oil and gas company KazMunayGas (KMG), and CNOOC Hong Kong Holding Limited—a subsidiary of China National Offshore Oil Corporation (CNOOC Limited)—have signed a contract for hydrocarbon exploration and production under the Zhylyoi project.
European markets rallied on Tuesday, with shares climbing more than 1% after U.S. President Donald Trump announced a ceasefire between Israel and Iran, easing geopolitical tensions and lifting investor confidence.
Oil prices fell sharply for a second day after Israel confirmed a U.S.-brokered ceasefire with Iran, easing fears that the conflict would disrupt global energy supplies.
Greek authorities have arrested a Georgian woman suspected of accidentally causing one of the wildfires devastating the island of Chios by discarding a cigarette, amid ongoing efforts to control the fires.
NATO has confirmed that its 2026 summit will be hosted by Türkiye, with Albania set to host the following summit in 2027, according to the final declaration from the summit in The Hague.
Turkish President Recep Tayyip Erdogan met with British Prime Minister Keir Starmer on the sidelines of the NATO summit in The Hague to discuss key regional and global issues.
NATO allies have pledged to raise defence spending to 5% of GDP by 2035, a major increase aimed at countering long-term threats, particularly from Russia and terrorism.
The Kremlin on Wednesday said Tehran’s decision to suspend cooperation with the International Atomic Energy Agency (IAEA) is a "direct" result of the recent Israeli and US strikes on nuclear facilities in Iran.
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