Elon Musk during a rally for former President Donald Trump at Madison Square Garden in New York. (Hiroko Masuike/The New York Times)

Tesla CEO Elon Musk’s vocal support for Donald Trump during the 2024 presidential campaign marked a major turn in the billionaire’s political trajectory, which appears to have played a crucial role in Trump’s eventual electoral success. Musk’s shift toward Trump’s “Make America Great Again” (MAGA) agenda, once seen as more liberal, saw him leverage both the financial muscle and the power of his social media platform X (formerly Twitter) to push Trump’s campaign message strengthen.
Musk’s financial contributions and strategic influence
Musk’s financial support of Trump during the 2024 campaign was unprecedented, with contributions reportedly totaling approximately $132 million directed toward Trump’s campaign and related Republican efforts. Of this amount, $75 million flowed directly to Trump’s campaign through Musk’s America Political Action Committee (PAC), positioning Musk, the richest person in the world, as one of the former president’s most influential allies. In his victory speech, Trump himself called Musk a “new star” and a “super genius” who deserves protection, underscoring the billionaire’s crucial role.
However, it wasn’t just Musk’s financial investments that proved significant. His social media platform X was transformed into a powerful megaphone for MAGA views. After acquiring it in 2022 for $44 billion — a deal that drew skepticism from podcast host Joe Rogan, among others, who called it a foolish move — Musk found new utility in the platform. “That wasn’t worth it in the first place,” Musk admitted during a Rogan podcast, hinting that the platform’s cultural and political influence far outweighed its paper value. Under Musk’s ownership,
X’s role in shaping the campaign narrative
According to a Bloomberg report, X’s algorithm reportedly favored right-wing content, pushing pro-Trump posts to the forefront. Musk himself was a key participant, using his account with more than 200 million followers as a virtual campaign billboard for Trump. He again shared content from Trump supporters, hosted live audio discussions about the election, and posted statements of support for Trump’s policies, including policies 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-throated support the difference? Has X actually shifted the national narrative – and voters – in Trump’s favor? We will never know, although Musk certainly thinks so,” the Bloomberg report said.

The profits Musk has made from Trump’s presidency
According to the Bloomberg report, Trump’s re-election opens the door for Musk to reap substantial rewards. In the immediate aftermath of Trump’s victory, Tesla’s stock price rose 12%, adding an estimated $12 billion to Musk’s wealth, further cementing his position as one of the richest individuals in the world. Investors seemed optimistic about possible regulatory rollbacks and favorable policies under Trump that could benefit Musk’s business empire, from Tesla’s electric vehicles to SpaceX’s space exploration projects.

Trump has even hinted at offering Musk a role in his administration as head of a proposed “Department of Government Efficiency,” which would align with Musk’s cost-cutting approach seen during his tenure at X. Such an appointment would put Musk in a position to directly influence policy, reducing scrutiny of his companies and enabling broader technological advancements.
A new era for the influence of X and Musk
With Trump’s return to the White House, X will become a central player in the political landscape, with influence comparable to its height during Trump’s first term. Unlike before, Trump’s story will face minimal internal regulations, giving him free rein over his communications. Musk’s involvement suggests that the platform’s impact on culture and politics, previously difficult to quantify, has now proven to be a formidable force, the Bloomberg report said.
Musk’s strategy — turning a controversial $44 billion purchase into a platform that supported a presidential campaign — has redefined how tech moguls wield power in politics. While Musk’s plan may not have been clear at the outset, the outcome is clear: he managed to transform was strengthened in the near future.
This is what a Musk fan account tweeted after Trump’s victory:

Challenges and risks ahead
Despite potential gains, there are challenges that Musk must navigate with the Trump administration. Trump’s ambivalence toward electric vehicles and renewable energy — crucial to Tesla’s core business — poses a potential conflict. Additionally, Trump’s historically aggressive trade policies with China could impact Tesla’s business, as China represents a significant portion of the company’s market.
(With input from agencies)