Trump, 78, declared himself the 47th President in a speech at West Palm Beach, Florida. Video / AFP
Elon Musk, the world’s richest man, is positioned to have sweeping powers in the second Trump administration as a deputy tasked with restructuring government operations using his aggressive approach to business.
The next chapter in the life of the South African-born tycoon comes after he delivered unprecedented support for Trump’s campaign, coming out a huge winner in his first deep dive into politics.
He invested over $100 million (NZ$168m) and leveraged his social media platform X to amplify the former President’s anti-immigration and right-wing messaging.
His America PAC (political action committee) doled out $1m giveaways to registered voters in key states and funded ground operations that expanded Trump’s support in crucial swing districts.
But he appeared to have made the money back already, and then some: Tesla shares soared in the hours after Trump’s victory, netting Musk some $15 billion (NZ$25.2b) on Wednesday morning, Forbes reported.
Musk on Wednesday shared a photo on X showing him with Trump at an election watch party in Florida, and the Republican candidate singled him out for several minutes during a celebratory speech, calling his mega-backer a “super genius”.
Donald Trump has claimed victory in the US election, flanked by wife Melania and son Barron. Photo / AFP
It is not yet clear how the two mercurial, larger-than-life characters, who hardly knew each other months ago, will gel once they sit down to get to business.
Some predict the relationship will end in acrimony given the strong personalities involved, while others see Musk’s immense wealth and talents as objects of admiration for Trump that will remain constant.
“America is a nation of builders. Soon, you will be free to build,” Musk posted on X.
He also posted a photoshopped image of him carrying a sink into the White House, with the line “let that sink in”.
This was a callback to his gag on the day he took over Twitter in 2022 when he brought in an actual sink, signalling that he was about to deliver major disruption at the company, including the firing of two-thirds of its 7000 workers.
The mass layoffs decimated Twitter’s content moderation teams and ushered in Musk’s reign over the platform, leading to a rise in misinformation and hate speech, and an exodus of advertisers.
Musk is expected to lead a new Department of Government Efficiency, targeting $2 trillion in cuts from the federal government’s $7t budget.
He has pledged to bring the same “hardcore” management style to Washington, while promising “fair and humane” transitions for affected federal workers, including up to two years of severance pay.
“We’ve got to make significant reductions in government spending, and we have to move people that work to more productive roles in the private sector,” Musk said on X, hours before Trump won the vote.
His ties to the next US president also raised questions about potential impacts on his business interests, particularly Tesla’s self-driving technology development.
Federal safety regulators are currently investigating Tesla’s driver assistance features following several accidents, despite Musk’s assurances about the technology’s readiness.
The appointment could also affect SpaceX’s relationship with Nasa, where Musk’s company has become a dominant partner in space exploration.
During his victory speech, Trump praised SpaceX’s technological achievements, specifically highlighting their recent feat of a landing a rocket booster back to its launchpad.
“It came down and down and you saw that fire burning and I told myself it must be Elon’s, only Elon can do this.”
