Topline

When Donald Trump announced his presidential victory in the early hours of Wednesday morning, he was quick to praise billionaire Elon Musk as a “super genius” after the Tesla founder and X owner donated more than $100 million of his personal money to Trump's campaign Opponents were online for months and campaigned in swing states for weeks leading up to the election.

Important facts

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Crucial quote

“You're going to be upset about this, but the American people are going to be very happy that their tax dollars are being spent much more wisely,” Musk told Trump supporters in Pennsylvania.

Important background

According to The Washington Post, Trump and Musk first met privately last year when they discussed a possible acquisition of the platform Truth Social. The New York Times reported the pair met again in March and Musk endorsed Trump for president in July of this year. That same month, Musk helped found the pro-Trump America PAC, which spent over $169 million on the 2024 presidential election. Musk appeared in person for the first time in October to support the former president at a rally in Butler, Pennsylvania, and spoke on stage at a campaign event at Madison Square Garden on October 27. “Two weeks of campaigning in Philadelphia and various parts of Pennsylvania.”

Big number

$118.6 million. That's how much Musk put into the America PAC between July and last month, $43.6 million in October alone. His efforts included $1 million in daily gifts to registered swing state voters who signed the PAC's petition for free speech and gun rights.

Cons

It is unclear whether Musk will be able to hold public office given his extensive private business interests. Entrepreneurs who want to take government jobs usually divest their shares and interests to avoid conflicts of interest. However, it is unlikely that Musk will be able to divest his massive stakes in companies like Tesla, SpaceX and X without causing major market disruption. And because his business interests touch so many areas, he may feel compelled to periodically withdraw to avoid the appearance of conflict.

tangent

Trump was often criticized in his first presidency for his own conflicts of interest after he chose not to divest his business empire before taking public office. The ethics watchdog group Citizens for Responsibility and Ethics in Washington says he committed more than 3,400 violations during his time in office, including foreign official visits and political events at Trump-owned properties, dozens of foreign trademarks granted to Trump companies and more than 100 special interest group events were held at Trump properties. A report by American Public Media found that more than half of Trump's 20-member Cabinet had engaged in “questionable or unethical behavior” during his presidency, including in their corporate holdings and investments.

Surprising fact

The relationship between Musk and Trump was not always friendly. In the run-up to the 2016 election, Musk said Trump was “not the right man” to be president before joining and later leaving two of the president's economic advisory councils. When Musk tried to buy Twitter in 2022, Trump called him a “bullshit artist.” He said Musk would never be able to buy Twitter and said Musk claimed he had never voted for a Republican after privately telling Trump he had voted for him before. In response, Musk said it was “time for Trump to hang up his hat and sail off into the sunset.” At the time, he said Trump was too old to run for president again in 2024 and said he was supporting Florida Gov. Ron DeSantis. That same year, Musk restored Trump's previously suspended Twitter account.

Forbes rating

Musk, who founded Tesla, SpaceX and other companies, was named the world's richest person on Wednesday with an estimated net worth of $264.7 billion, about $50 billion more than Amazon founder Jeff Bezos, the second-richest person . Thanks to his shares in Truth Social's parent company, Trump Media and Technology Group, his real estate investments and other assets, Trump has an estimated net worth of $6 billion as of Wednesday.

Further reading

Washington PostTrump is planning a plan that could give Elon Musk a role in auditing US authoritiesForbesTrump suggests he would give Elon Musk a Cabinet post in his second termFrom Molly BohannonForbesElon Musk is denying discussion of Trump's role in the White House – as Trump reportedly has his eye on recruiting these billionairesFrom Sara DornForbesJD Vance urges billionaire Peter Thiel to make campaign contributions: “Get off the sidelines”From Mary Whitfill RoeloffsForbesHere are Trump's top billionaire donorsFrom Leo fireplace