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Musk backs Donald Trump’s victory, leveraging political influence to protect his businesses from regulation
Musk spent election night with the president-elect at his Mar-a-Lago club in Florida. (AP File Photo)
“The people of America have spoken with absolute clarity,” billionaire Elon Musk said on Thursday, a day after Republican nominee Donald Trump defeated Democratic candidate Kamala Harris in the US presidential elections.
Trump, 78, clinched the election after a heated campaign marked by two attempts on his life and Harris’ late entry into the race following President Joe Biden’s surprise withdrawal. Trump, who is all set to be the 47th President of the United States, lauded Musk on Tuesday in his victory address describing him as a “new star.” “We have a new star. A star is born — Elon. He is an amazing guy,” Trump said.
During the peak of the election campaign, Trump had promised roles in his administration to Tesla CEO, the world’s richest man and a prominent donor to the Republican party. Musk’s comments came as US media reports suggest that Musk’s backing of the former US President’s victory for a second presidency gives the billionaire entrepreneur extraordinary influence to help his companies secure favourable government treatment.
Pro-Trump spending
Musk contributed at least $119 million to a pro-Trump spending group, federal records show and tirelessly touted the former president at the critical late stage of his campaign. The Tesla CEO’s politicking reflects a wider strategy to insulate his companies from regulation or enforcement and boost their government support, according to Reuters.
Musk endorsed Trump on July 13, the day the candidate was shot in the ear in a Pennsylvania assassination attempt. Musk’s donations financed an extensive get-out-the-vote effort as Trump faced a stiffer challenge after Harris replaced Biden in July as the Democratic presidential nominee. On Wednesday, Musk spent election night with the president-elect at his Mar-a-Lago club in Florida, and Trump has said he would name Musk as his administration’s “efficiency czar.”
Political analysts believe that the fortunes of Tesla could rise or fall depending on Trump’s treatment of the diverse array of subsidies, policies and regulatory schemes for electric and autonomous vehicles. Democratic administrations have historically championed many such pro-EV policies, with Tesla’s support. Musk could potentially now protect them despite the Republican party’s traditional rejection of EVs – and Trump’s ridicule of Biden’s EV policy on the campaign trail.
(With agency inputs)
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Washington D.C., United States of America (USA)