Donald Trump's address to the nation on election night confirmed that "one of the biggest winners of the evening—besides himself—is Elon Musk." The American media dubbed CEO Elon Musk "the kingmaker."
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| Donald Trump's victory benefits billionaire Elon Musk's 'election mega-project'. (Source: Getty Images) |
The campaign of Republican candidate Donald Trump once called the Tesla owner a "one-of-a-kind business mind" in a statement sent to Reuters , adding that "the new administration hopes to be aided by the brilliant and effective ideas of billionaire Musk"... Billionaire Elon Musk's 'election mega-project' has proven the capabilities of this business mind.
Former President Trump dedicated much of his victory speech to thanking Musk, who recently spent over $130 million and invested a great deal of time and posted "priceless" tweets to support the Republican candidate in the 2024 White House race.
Mr. Trump also lavished praise on SpaceX, the rocket company, and its Starlink internet satellite service—two entities that are fulfilling U.S. government contracts.
"He is a personality, an exceptional person, a super genius. We must protect our geniuses," the former president said of Mr. Musk.
During his campaign, Trump stated that he would create a new "Efficiency Commission" in his administration, headed by the tech CEO himself, at the billionaire's request. This commission would conduct a "financial and operational efficiency audit of the entire federal government" and propose radical reforms.
This position is seen as giving billionaire Musk vast power to drastically cut down what he considers "the enormous federal bureaucracy holding America back." Media outlets believe that Musk's efforts to support Trump are paving the way for him to become one of the most influential political and economic advisors alongside the 47th US president.
Was that the goal the world's richest billionaire was aiming for?
"No business leader has supported Republican candidate Donald Trump more than Elon Musk. He's made a big bet here. He's jumped straight into this election," said Daniel Ives, a technology analyst at Wedbush Securities.
On November 6th, when Trump was declared the winner, billionaire Musk's publicly traded company also achieved a major victory, with shares of electric vehicle manufacturer Tesla soaring (13%) as soon as the market opened. This small boost increased the value of the 411 million Tesla shares owned by the tech CEO to over $13 billion, equivalent to a profit of over 11,000% compared to the approximately $130 million he invested in former President Trump's campaign.
At the close of trading on November 6th, Tesla's electric vehicle stock surged 14.7% – the world's strongest gain of the day – reaching its highest level since July 2022, adding $26.5 billion to CEO Musk's net worth in a single session.
It's safe to say that billionaire Musk has "won big" by betting on the Republican candidate in this year's US presidential race.
Trump's return also excited supporters who envisioned a bright future for American industry, including Shervin Pishevar, a venture capitalist who invested in SpaceX and supported the shift of Silicon Valley under a Trump 2.0 administration. He said that deregulation would accelerate SpaceX's efforts to reach Mars.
Meanwhile, tech CEO Elon Musk is also known for his disapproval of excessive government interference when it comes to any oversight or penalties imposed on businesses. Therefore, it's no surprise that the billionaire has aligned himself with candidate Donald Trump, who has promised to deregulation and advocate for looser government oversight.
Furthermore, the Musk-Trump "alliance" could help the tech CEO secure federal contracts. The New York Times reported that SpaceX and Tesla have accumulated at least $15.4 billion in government contracts over the past decade.
Musk's colleagues and government officials say that his investment in Trump is part of a broader effort to protect his companies from regulations and secure access to government subsidies.
Billionaire Musk has also declared he will fight for deregulation and will seek influence in US policy on artificial intelligence (AI), space exploration, and electric vehicles – all areas in which Musk holds stakes through his leadership of companies such as xAI, SpaceX, and Tesla.
Source: https://baoquocte.vn/ong-donald-trump-dac-thang-dai-du-an-bau-cu-cua-ty-phu-elon-musk-dac-loi-292816.html
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