“We have a new star. A star is born: Elon,” these words echoed as Republican Donald Trump addressed his supporters in West Palm Beach, Florida, minutes after he declared victory in the 2024 presidential race after Fox News projected him as the winner over Democrat Kamala Harris, marking a remarkable political comeback four years after his departure from the White House.
Trump's repeated shout-out for Elon Musk, the billionaire owner of X, who has become one of his most high-profile supporters, was a telling image of what Elon Musk means to him and Musk's contribution in Trump's grand vision for America.
Tesla CEO Elon Musk may stand to gain significantly with Donald Trump's reelection as the President, according to NBC News. Musk, who has openly supported Trump’s presidential bid, could potentially play an influential role in a second Trump administration.
Trump’s senior campaign adviser, Brian Hughes, mentioned that Trump envisions Musk leading a “commission” aimed at making the government more efficient and ensuring better use of taxpayer dollars.
Trump’s Support for Musk
Brian Hughes praised Musk, calling him “a genius, an innovator,” and noted that Musk “has literally made history by building creative, modern, and efficient systems.” Hughes added that Trump believes Musk could help improve the effectiveness of the federal government.
Tax cuts could favor Musk
Musk might also benefit from tax cuts. Trump has been vocal about maintaining low taxes for corporations and the wealthy. During his first term, he reduced the corporate tax rate from 35% to 21%.
Trump has since expressed a desire to extend these tax cuts. A report from the Center on Budget and Policy Priorities highlighted that extending Trump’s tax cuts for another decade could direct 41% of the benefits to high-income households, through rate reductions and special deductions.
Regulatory relief for Musk’s companies
Trump’s second term could also mean less regulatory pressure for Musk’s companies, particularly SpaceX. SpaceX, which already secures billions in government contracts, could continue its lucrative deals with the Defense Department and NASA. SpaceX is the only company currently able to transport astronauts to and from the International Space Station, following issues with Boeing's Starliner spacecraft.
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