Tesla CEO Elon Musk’s vocal support of Donald Trump during the 2024 presidential campaign was an important pivot in the billionaire’s political career, which appears to have played a crucial role in Trump’s eventual electoral success. Previously considered more liberal, Musk’s shift toward Trump’s “Make America Great Again” (MAGA) agenda has seen him leverage his financial muscle and the power of his social media platform, X (formerly Twitter), to amplify Trump’s campaign messages.
Musk’s financial contributions and strategic influence
Musk’s financial support for Trump during the 2024 campaign was unparalleled, with contributions reportedly totaling approximately $132 million directed to the Trump campaign and related Republican efforts. Of this amount, $75 million flowed directly to the Trump campaign through Musk’s US political action committee (PAC), making Musk, the richest person in the world, one of the former president’s most influential allies. In his victory speech, Trump himself referred to Musk as a “new star” and “supergenius” worthy of protection, underscoring the billionaire’s pivotal role.
However, it was not only Musk’s financial investments that proved important. His social media platform, X, has turned into a powerful megaphone for MAGA views. After acquiring it in 2022 for $44 billion — a deal that raised skepticism from the likes of podcast host Joe Rogan, who called it a foolish move — Musk found new utility in the platform. “It wasn’t worth it in the first place,” Musk admitted during Rogan’s podcast, hinting that the platform’s cultural and political influence far outweighs its paper value. Under Musk’s ownership, X has amplified pro-Trump rhetoric, restored Trump’s suspended account, and provided a platform where conspiracy theories and misinformation can spread unchecked, alarming critics.
X’s role in shaping the campaign’s story
According to a Bloomberg report, the X algorithm reportedly favored right-leaning content, pushing pro-Trump posts to the forefront. Musk himself was a major participant, using his account with more than 200 million followers as a virtual billboard for the Trump campaign. He reshared content from Trump supporters, hosted live audio discussions about the election, and posted endorsements of Trump’s policies, including those focused on divisive issues like immigration. The Wall Street Journal described Musk’s X as a “much more powerful version of Truth Social,” noting its unique position as a platform for political influence.
“Was Musk’s full support the difference? Did X actually drive the national narrative — and voters — in Trump’s favor? We’ll never know, though Musk certainly believes that’s what happened,” the Bloomberg report said.
Musk’s gains from Trump’s presidency
According to a Bloomberg report, Trump’s re-election opens the door for Musk to reap big rewards. The period immediately following Trump’s victory saw Tesla’s stock price rise by 12%, adding an estimated $12 billion to Musk’s wealth, cementing his status as one of the world’s richest individuals. Investors appeared optimistic about potential regulatory rollbacks and favorable policies under Trump, which could benefit Musk’s business empire, from Tesla’s electric cars to SpaceX’s space exploration projects.
Trump even hinted at offering Musk a role in his administration as head of the proposed “Government Efficiency Administration,” which would be in line with Musk’s cost-cutting approach he saw during his tenure at X. Such an appointment would put Musk “It is in a position to influence policy directly, reduce regulatory scrutiny on its companies and enable broader technological progress.
A new era for the X and Musk influence
With Trump’s return to the White House, X is set to become a central player on the political scene, wielding influence similar to his peak during Trump’s first term. In contrast to before, Trump’s account will face minimal internal regulation, allowing him freedom to control his communications. The Bloomberg report added that Musk’s participation indicates that the platform’s influence on culture and politics, which was previously difficult to measure, has now proven to be a powerful force.
Musk’s strategy, turning a controversial $44 billion purchase into a platform supporting the presidential campaign, has redefined how tech moguls exercise power in politics. While Musk’s plan may not have been clear at first, the result is clear: he has managed to turn X into a pivotal political tool, fundamentally changing the narrative surrounding his ownership of the platform and cementing his influence over American politics for the foreseeable future.
This is what one Musk fan account tweeted after Trump’s win:
Challenges and risks ahead
Despite the potential gains, there are challenges Musk must address with the Trump administration. Trump’s ambivalence toward electric vehicles and renewable energy — which is critical to Tesla’s core business — poses a potential conflict. Furthermore, Trump’s historically aggressive trade policies with China could impact Tesla’s operations, given that China represents a large portion of the company’s market.
(With inputs from agencies)
