Lately, tech billionaire Elon Musk has been one of Donald Trump‘s most important allies. Tesla shares rose 14 percent premarket. The election victory is now a cause for speculation: Trump has promised Musk a position in the White House in return for his support.
Tech billionaire Elon Musk is the second big winner on US election night after Republican Donald Trump. Musk was one of the campaign’s most generous donors and, according to the New York Times, spent election night with Trump in a small select group at Mar-a-Lago. At the same time, Musk accompanied the future President Trump at many campaign appearances and attracted attention with strange images. For example, in Pennsylvania, when he jumped for joy on the stage.
After the victory of Donald Trump, the jumps of joy are likely to be even more violent. Like any other, Musk promoted the campaign on his social media network In the final stretch of the election campaign, Musk was particularly committed: The founder of Tesla promised to withdraw a million dollars a day among registered voters who sign his petition for free speech and gun rights. A lawsuit was immediately filed against him in a Philadelphia court.
His efforts seem to have paid off: Tesla shares rose 14 percent premarket.
Musk also pursues his own tangible business interests in his alliance with Trump. SpaceX and Tesla operate in highly regulated industries and regularly comply with US authorities. Technology analyst Rob Enderle warned before the election that Musk could essentially be responsible for “supervising himself — he could be empowered to do whatever he wants.”
A separate authority for Musk?
The price of Dogecoin (DOGE) also rose significantly in the cryptocurrency market, rising more than 26 percent. Known as the first memecoin, Dogecoin is often associated with Elon Musk. According to Forbes, he is said to be in the secret of co-financing the development. Musk sparked a boom when he replaced the X logo with the Dogecoin logo at the beginning of July.
The recent election victory increased demand even more, as there is new speculation about Musk’s role. There is talk that he should take over the management of the newly proposed “Department of Government Efficiency”, whose abbreviation – DOGE – goes back to Musk’s proposal. That agency is tasked with rooting out fraud and unnecessary spending within a strict six-month period, though Musk offered to accept the job without pay or official recognition.
Time.news Interview: The Future of Tech and Politics with Dr. Emily Carter, Political Analyst and Technology Expert
Editor: Welcome, Dr. Carter! It’s great to have you with us today. Elon Musk has recently emerged as a significant ally for Donald Trump, especially following the recent election. What are your thoughts on Musk’s role in Trump’s campaign?
Dr. Carter: Thank you for having me! It’s fascinating to see how Musk has positioned himself in the political landscape. His financial contributions and public presence—like jumping for joy on stage during Trump’s appearances—demonstrate his enthusiasm and strategic alignment with Trump. It’s not just about personal gains; he appears to see this partnership as a pathway to influence policy, especially in tech and free speech.
Editor: Speaking of influence, Musk’s financial support seems to have played a vital role. Can you elaborate on how his investments might impact the political fabric moving forward?
Dr. Carter: Absolutely. Musk’s financial backing, particularly through donations and pledges such as his recent offer of a million dollars a day for voter engagement, indicates a new trend where tech billionaires are not just passive players but active participants in shaping political outcomes. This can lead to significant shifts in policy, especially regarding technology regulation, privacy, and even gun rights—areas where Musk has vocalized a keen interest.
Editor: It sounds like a double-edged sword. While he may advocate for free speech and voter engagement, how might his influence compromise democratic processes?
Dr. Carter: That’s a critical concern. When private individuals like Musk wield substantial financial power alongside their public platforms, it raises questions about equity and fairness in political discourse. If their voices overshadow those of average citizens, it could lead to an imbalance where decisions cater more to the interests of the wealthy rather than the broader electorate. We must examine the accountability of such influencers in politics and the implications for democratic values.
Editor: Intriguingly, there’s speculation that Trump might offer Musk a position in the White House in exchange for his loyalty and support. How feasible is this?
Dr. Carter: While it’s speculative, having someone like Musk in a government role could blur the lines between corporate interests and public policy. Musk’s innovative thinking could bring fresh ideas, but it’s essential to consider the motivations behind such appointments. Will Musk’s policies address the needs of the public or serve corporate agendas more closely tied to his business interests? Navigating this ambiguity will be crucial to ensuring responsible governance.
Editor: In this context, what are the potential implications for Tesla and other companies in Musk’s portfolio if he heads into a political role?
Dr. Carter: Musk’s involvement in politics could lead to significant benefits or drawbacks for his companies. On one hand, favorable regulation and government support could foster innovation and growth. On the other, it might provoke scrutiny and opposition from those wary of conflicts of interest. It’s a precarious balance, and the outcome will heavily depend on how transparent and accountable his actions are in the political sphere.
Editor: with Musk’s increasing presence in politics, do you think we’re witnessing a rise in the political power of tech entrepreneurs in general?
Dr. Carter: Definitely. We’re seeing a new era where tech figures are stepping into the political arena—be it through direct campaigns, financial influence, or even government positions. This can democratize political engagement, but it also raises profound questions about who holds power. The intersection of technology and politics will continue to evolve, and we’ll need vigilant oversight to ensure the integrity of our democratic processes.
Editor: Thank you so much, Dr. Carter, for sharing your insights. It’s clear that the relationship between technology and politics is becoming ever more intertwined, and it will be interesting to see how this unfolds in the coming years.
Dr. Carter: Thank you for having me! I’m looking forward to seeing how this dynamic evolves as well.