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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Here's your AnewZ Daily Brief for 9 October 2026 with five key developments from the CIS summit in Turkmenistan....
Leaders of countries from the Commonwealth of Independent States (CIS) have agreed to hold coordinated population censuses around 2030. They took the decision at the CIS Council of Heads of State meeting in Awaza, Turkmenistan on Friday, media reported.
Russia struck Ukraine overnight in one of the biggest attacks of the conflict, killing at least 19 people, Kyiv's Foreign Ministry said on Wednesday. Around 70 missiles were fired at Ukraine during the attack, as well as drones, the Ministry said.
The Saudi-led coalition says it has carried out a series of military operations against Houthi targets in Yemen after attacks on two Saudi airports left three people dead and dozens injured.
Azerbaijan and the five Central Asian states have signed two key documents at the 8th Consultative Meeting of Heads of State in Turkmenbashi, formalising a broader framework for regional cooperation in transport, trade, energy, digitalisation and security.
It started with classrooms. Too many students, not enough teachers, deteriorating buildings and growing anxiety over what comes after high school. But within weeks, a movement that began outside French lycées had spread across the country.
Uzbekistan and Russia have a portfolio of more than 200 joint projects worth almost $6 billion, as the two countries continue to expand regional and business ties. The projects were discussed during the third meeting of the Council of Regions of Russia and Uzbekistan, held in Fergana, Uzbekistan.
In the marshlands of Malluba in southern Azerbaijan, Kamil Mammadov follows a routine that has been passed down through generations. His family has worked with medicinal leeches for centuries, harvesting and breeding a species known as Hirudo orientalis, or the Caucasian medicinal leech.
Baku is hosting the second Azerbaijan International Investment Forum (AIIF 2026) and it’s attracting more interest this year, Azerbaijan’s Deputy Prime Minister told AnewZ. “The agenda is very impressive. More guests, more interest,” he said.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
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