US Presidential Election: Elon Musk's Bet, What Is The Billionaire Planning?

(Dan Tri) - In the final stage of the US presidential election campaign, billionaire Elon Musk - the richest man in the world - has devoted all his support to former US President Donald Trump, the Republican candidate.

"If Donald Trump loses, I'm done"

Of the many bold bets that have defined Elon Musk's career so far, few have been more daring than his support for Donald Trump, according to the Financial Times . Over the past two months, Musk has seemingly bet his business career on the outcome of the US presidential election, cheering for Trump. "If Donald Trump loses, I'm screwed," Musk summed up his situation a few weeks before the US presidential election in an interview with Fox News . Since July, the billionaire has fully switched to supporting Donald Trump's re-election.

Billionaire Elon Musk attends a rally in Pennsylvania on October 17 (Photo: Reuters).

Musk’s social media account X has become a propaganda channel for the Trump campaign. Since publicly endorsing Trump, he has posted hundreds of times about Trump and the election, despite previously saying the platform should be politically neutral. In another unusual move, Musk appeared with Trump at a rally in Pennsylvania on October 5. The biggest draw at the event was not Trump but rather Elon Musk dancing on stage before he was invited to speak, according to NBC News . Musk has also tried to support Trump and other Republican candidates through his political action committee America Psc. The organization has played a large role in the former president’s campaign efforts. Musk also plans to join Trump during the final month of the campaign, according to Politico.

Elon Musk's All-In

Musk’s support for Trump has grown stronger as the election nears, with Musk also making extensive use of his social media platform X to spread his support for the Republican candidate. The Tesla and SpaceX boss also launched a five-night campaign for Trump in the battleground state of Pennsylvania, which he believes could be key to the former president’s re-election.

Elon Musk dances next to Donald Trump at a campaign rally in Butler, Pennsylvania (Photo: Reuters).

The new report also revealed that Musk is one of the top donors, having donated at least $75 million to the pro-Trump super PAC America Pac. Musk also publicly criticized Vice President Kamala Harris, calling on people to vote for Trump because it was the only way to save democracy. According to Politico , Musk had previously supported Democratic candidates, but in 2022, he announced that he would start voting Republican because the Democratic Party was now a "party of division and hate" without further explanation. The tech mogul later said that his support changed because of unprovoked attacks on him by Democratic leaders and a cold shoulder to Tesla and SpaceX.

What will Elon Musk benefit from?

With his fervent support, Musk could enjoy increased power if Trump wins. The Republican candidate has promised Musk will head a commission on government efficiency. Donald Trump has also announced that the "genius" will advise the White House on artificial intelligence. Politico commented that a Trump re-election would put Musk in an unprecedented role as an American tycoon. Along with that, Musk could also expect to maintain or even increase government orders for SpaceX as well as preferential policies for Tesla. In early September, Trump declared that he supported electric cars despite his previous criticism. "I have to because Elon Musk has supported me so strongly. So I have no choice," he added. It seems that Elon Musk has bet that if Trump wins, he will have significant influence over how the government treats his companies. From satellites to electric cars to Neuralink brain chips to AI robots, Musk owns a series of businesses that are heavily dependent on contracts and regulations set by the US government. At an event supporting Mr. Trump on October 17, Mr. Musk said the biggest reason he supported the former president was the need for reasonable regulations. "SpaceX can build a giant rocket faster than the government can process a permit. That's crazy. If the trend of 'strangulation' by excessive regulations doesn't change, we won't reach Mars," he said.

Billionaire Elon Musk shook hands with former President Donald Trump backstage at a campaign rally in Butler, Pennsylvania on October 5 (Photo: Getty Images).

While SpaceX has also won lucrative contracts worth billions of dollars under President Joe Biden, the company has also repeatedly fought with federal and state agencies, which Musk has accused of stifling innovation through bureaucracy and regulations. A Trump victory could give SpaceX and its Starlink satellites more contracts from the US security system, helping Tesla win over Republicans in favor of electric vehicles or potentially limiting safety investigations into its self-driving technology. Musk also believes that under Trump, the social network X will be less likely to clash with the government over free speech, according to the Financial Times . However, some argue that Musk is engaging in politics for personal rather than commercial reasons. "As the richest man in the world, Elon (Musk) doesn't need anything. He's just participating," the Financial Times quoted Trevor Traina, a Trump donor and former US ambassador to Austria under Trump. Billionaire Musk also affirmed that he only acted out of concern for the country. "I got into politics because I think the future of America and the future of civilization is at stake," he said at the event on October 17.

Tying the Future of Companies to the Presidential Election Results

In just a few months, Musk has seemingly tied his fate, and the future of his companies, to the outcome of the presidential election. As the world’s richest man, Musk can bolster Trump’s campaign with his vast resources and ability to attract attention that far outstrips his other allies. A Kamala Harris victory, on the other hand, would be a huge risk. Musk has admitted to constantly criticizing the Democratic candidate and has mused about how many years in prison he would spend if Kamala were elected. In addition, Musk’s recent series of shocking and extreme statements could also affect his customers and business partners. He has also become a highly divisive figure among a segment of the population that is a big customer of electric cars in general and Tesla in particular.

Musk appears to have tied his fate, as well as the future of his companies, to the outcome of the presidential election (Photo: Financial Times).

Aside from Tesla, among Musk’s portfolio of companies like satellite company Starlink and tunneling company The Boring Company, social network X appears to be the most at risk. The company is no longer publicly traded, but its value is said to have fallen by 80% since Musk took over. Bloomberg estimates that the company’s revenue will also fall from $5 billion to $3.4 billion between 2022 and 2023. The decline is exacerbated by a drop in advertising revenue, according to the New York Times . Advertisers have fled, especially large corporations that used to make up the bulk of social network X’s revenue. In late 2023, several multinational corporations, including Comcast, Apple, and Sony, paused their advertising campaigns on social network X after reports of hate speech appearing alongside their ads. Aware of the consequences for X, Musk has repeatedly tried to cool things down, including appointing advertising expert Linda Yaccarino as CEO in 2023. In August, social network X even filed a lawsuit in Texas against the World Federation of Advertisers (WFA), alleging that it was the victim of a political boycott and unfair competition practices due to the advertisers' withdrawal.

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