The richest person in the world is more excited about the result of the U.S. presidential election, as Mr. Elon Musk used the X platform to post his iconic image holding a sink up to the Oval Office with the caption "Let it stay there."
With many seemingly amateur actions, the contributions of Tesla's CEO to Mr. Donald Trump's victory are serious and will benefit this South African-born entrepreneur.
Mr. Trump acknowledged the support of Tesla's CEO in his victory speech early on November 6 (Eastern Time) and implied that billionaire Musk would be well treated under the Trump administration.
"We must protect the geniuses; there are not many like them left," Mr. Trump said.
Billionaire Musk has contributed nearly $120 million to the America PAC political action committee, thereby supporting campaigning and voter registration.
Some signs indicate that the immediate benefits of that investment appeared as early as the morning of November 6. Shares of Tesla, the electric car manufacturer in which Mr. Musk owns a 13% stake, rose about 15% before trading on Wall Street, adding $15 billion to his total asset value. And the benefits are believed to not stop there.
Dan Ives, an analyst at Wedbush Securities, stated that Mr. Trump's victory could increase Tesla's company value by up to $200 billion, which would raise Mr. Musk's total asset value by about $26 billion.
"The greatest positive impact of Mr. Trump's victory will help Tesla and Mr. Musk benefit," Mr. Ives wrote. This analyst also predicts that Mr. Trump is likely to impose sweeping tariffs on electric vehicle products from China, thereby indirectly providing support for Tesla.
Mr. Musk also owns SpaceX - a rocket company with contracts with the U.S. government. In October alone, SpaceX secured agreements worth over $700 million with the U.S. Space Force.
SpaceX and Tesla have received at least $15.4 billion in contracts with the U.S. government over the past decade, according to a recent analysis by the New York Times.
Based on Mr. Musk's numerous agreements with the federal government under Mr. Joe Biden, the number of contracts signed with the government is unlikely to decrease when Mr. Trump returns to power.
Richard Pierce, a law professor at George Washington University, stated that Mr. Musk's businesses will "certainly" benefit from more contracts.
Mr. Trump's victory also reflects the soft power of social media X owned by Mr. Musk. This platform has removed many fact-checking tools for posts and has tended to shift towards the far-right during Mr. Trump's campaign, according to the Guardian.
Social media X is also a platform where many baseless rumors and conspiracy theories surfaced during the election campaign, contributing to chaos and confusion among voters.
The richest person on Earth is also likely to be appointed to an important position in Mr. Trump's future administration.
In September, Mr. Trump stated that he would establish a government performance management committee and have Mr. Musk lead it.
"I will establish a committee tasked with auditing the finances and performance of the entire federal government while making recommendations for groundbreaking reforms," Mr. Trump stated at a campaign event held at the New York Economic Club on September 5 (local time).
However, the former president did not provide details on how this committee would operate. He merely reiterated Mr. Elon Musk's argument that establishing such a committee would help cut unnecessary expenditures while reducing bureaucracy in government operations. Mr. Trump also stated that billionaire Musk has agreed to lead this committee in the future.
In response, Mr. Musk posted on social media X: "I want to serve America if given the opportunity, no salary, no title, no recognition required."
In another post, Mr. Musk reiterated: "The government performance oversight agency is the only way to expand the path to life beyond Earth."
Other businesses owned by Mr. Musk include the artificial intelligence startup xAI, which is reportedly valued at $40 billion, and the brain implant company Neuralink, which is estimated to be worth $8 billion.
The U.S. technology sector is expected to benefit from regulatory changes under Mr. Trump. There is much speculation that Ms. Lina Khan, the head of the Federal Trade Commission known for her tough approach to big tech companies, will be replaced.
