How the Trump White House could potentially use Elon Musk's businesses
Musk has already seen a windfall from Trump winning the election, but the world's richest man's businesses could also potentially see more deals in the next administration
Trump, Elon Musk will have to compromise to cut the budget: Jason Furman
Former Council of Economic Advisors Chair Jason Furman discusses whether President-elect Trump and Elon Musk can cut $2 trillion from the U.S. budget on Cavuto: Coast to Coast.
Elon Musk has already agreed to work with President-elect Donald Trump's incoming administration to lead a commission aimed at government efficiency, but there are opportunities for the world's richest man's business empire to be utilized by the leader of the free world, too.
The Tesla CEO saw his net worth jump billions of dollars higher this week after the electric vehicle giant's stock surged following Trump's victory, and Musk's other companies could also see windfalls from his relationship with the Trump White House.
Elon Musk, chief executive officer of Tesla Inc., left, and former US President Donald Trump, prior to a campaign event at the Butler Farm Show in Butler, Pennsylvania, US, on Saturday, Oct. 5, 2024. (Justin Merriman/Bloomberg via Getty Images / Getty Images)
Here's a list of potential opportunities:
SpaceX
Boeing’s Starliner spacecraft atop a United Launch Alliance Atlas V rocket lifts off from Space Launch Complex 41 during NASA’s Boeing Crew Flight Test on June 05, 2024, in Cape Canaveral, Florida. (Joe Raedle/Getty Images / Getty Images)
Over the past decade, Musk's aerospace company has secured more than $15 billion in government contracts, according to The New York Times, and the potential for increased federal deals looks bright.
SpaceX was called in to rescue the U.S. astronauts stranded by longtime NASA contractor Boeing over the summer, and Trump made a point on the campaign trail to express how impressed he was when SpaceX was able to catch its massive Starship rocket with mechanical arms dubbed "chopsticks" as it descended back to the launch pad last month.
ELON MUSK'S NET WORTH SURGES FOLLOWING DONALD TRUMP'S ELECTION WIN
Trump also told FOX News that Musk has promised him SpaceX will send a rocket to Mars by the end of his second term.
Starlink
SpaceX's satellite division, Starlink, has long been a major partner for the U.S. in launching military satellites, but Trump's return to the White House could result in additional contracts for supplying rural internet services.
STUART VARNEY: ELON MUSK ‘OPENS THE DOOR TO A NEW ERA IN SPACE EXPLORATION’
The Biden administration's Democrat-controlled Federal Communications Commission (FCC) in 2022 revoked an $800 million grant awarded to Musk's Starlink under the first Trump administration to provide rural internet, while Trump has touted the satellite service, even referencing it during his victory speech early Wednesday morning.
Tesla
A Tesla Cybertruck in East Village, Manhattan on Saturday, July 6, 2024. (Julia Bonavita/Fox News Digital / Fox News)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 296.91 | +8.38 | +2.90% |
Tesla, Inc.
According to The Times, Tesla has only received around $352,000 in government contracts over the past ten years, but TMZ suggested another opportunity for the EV-maker to help out the Trump administration.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The outlet wrote this week that Tesla's Cybertruck is "ready-made" for a president, arguing, "Hear us out, but does a Cybertruck presidential motorcade seem out of the question for 47? Elon does offer it with bulletproof armor glass, and, of course, the Secret Service would do its own aftermarket bells and whistles."
The Boring Company, X, xAI, Neuralink
Musk's tunneling operation, social media platform, artificial intelligence startup, and brand-computer interface firm – along with his other companies – could all benefit from Trump's plans for deregulation.