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How Trump’s ‘new star’ Elon Musk stands to benefit from his presidency
- Elon Musk, who has been a key backer of Trump’s return to the presidency, was in his default wind-up mode as he used his X platform to post a superimposed picture of himself – holding a sink – inside the seat of US power.
- Shares in Tesla, the electric carmaker which he leads as CEO and in which he owns a 13% stake, were up about 15% in pre-trading on Wall Street, implying a wealth gain of $15bn.
- Dan Ives, an analyst at the US financial firm Wedbush Securities, said a Trump victory could add up to $200bn to the value of Tesla, which would increase Musk’s wealth by about $26bn.
- Musk’s control of the network has enabled him to amplify his own pro-Trump messaging on the platform. His is the largest account, with more than 200m followers.
- There is also likely to be a role for Musk in the Trump administration. In September Trump said he would form a government efficiency commission, with Musk leading it.
- Musk has already indicated that a government efficiency body would help SpaceX, stating on X that his business could reach Mars sooner 'so long as it is not smothered by bureaucracy'.
- Other Musk companies include the artificial intelligence startup xAI, which is reportedly heading for a valuation of $40bn, and the brain implant firm Neuralink, which is reportedly worth $8bn.
- The wider US tech sector is expected to benefit as well in terms of regulation.
- Musk is a figure of global fame and power already, but Trump underlined it on Wednesday.
- That star is likely to get brighter, and more powerful, under a Trump administration.
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