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 Party 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, Elon Musk has seemingly bet his business career on the outcome of the US presidential election, cheering hard for Trump. "If Donald Trump loses, I'm screwed," Elon Musk summed up his situation a few weeks before the US presidential election in an interview on 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 campaign rally in Pennsylvania on October 5. The most eye-catching moment at the event was not Trump, but rather the image of billionaire 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., which is playing 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 in the run-up to the election, and he has also used his social media platform X to spread his messages of support for the Republican candidate. The Tesla and SpaceX boss also campaigned for Trump for five nights in the battleground state of Pennsylvania, which he believes could be key to the former president’s reelection.

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

The recent report also revealed that Mr. Musk is one of the top donors, having donated at least $75 million to the pro-Trump political action committee America Pac. Mr. Musk also publicly criticized Vice President Kamala Harris, calling on people to vote for Mr. Trump because it was the only way to save democracy. According to Politico , Mr. Musk had previously supported Democratic candidates, but in 2022, he announced that he would start voting for the Republican Party because the Democratic Party is now the party of "division and hate," without explaining further. The tech mogul later said that his support changed because of unprovoked attacks from Democratic leaders on him and the cold attitude toward 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 can 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 being very critical. "I have to because Elon Musk has supported me very 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, electric cars, Neuralink brain chips to AI robots, Mr. Musk owns a series of businesses that are heavily dependent on contracts and rules 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 permits. This is crazy. If the trend of 'strangulation' by excessive regulations does not change, we will not 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).

Although 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 with 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 support of electric vehicles or potentially limit investigations into the safety of its self-driving technology. Musk also believes that with Trump, the social network X will be less likely to clash with the government on the issue of free speech, according to the Financial Times . However, there are also opinions that Musk is only involved in politics for personal reasons rather than commercial ones. "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, as well as the future of his companies, to the outcome of the presidential election. As the world’s richest man, Musk can boost Trump’s campaign with his vast resources and ability to attract attention far beyond his other allies. On the other hand, a Kamala Harris victory would be risky. Musk has admitted to constantly criticizing the Democratic candidate and has pondered how many years in prison he would spend if Kamala were elected. In addition, Musk’s recent 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 partly 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 listed on the stock market, but its value is said to have fallen 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. This decline is exacerbated by a decline in advertising revenue, according to the New York Times . This is due to the flight of advertisers, especially large corporations that used to account for the majority 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 pointed to the presence of hate speech alongside 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), accusing itself of being the victim of a political boycott and unfair competition practices due to the withdrawal of advertisers.

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