AARON PATRICK: How Elon Musk and Donald Trump’s relationship will shape America ... and their fortunes

The world’s richest man is getting richer, thanks to Donald Trump.

Shares in Elon Musk’s electric car maker, Tesla, jumped 15 per cent to a record high after the Republican won the presidential election.

The increase bumped up Musk’s wealth by about $30 billion, a big return on the $180 million-plus he spent helping elect Trump.

Although membership of Trump’s cabinet won’t be finalised until he is sworn in next year, early signs point to an influential role for Musk, which could make him even richer.

On election night, at Trump’s Mar-a-Lago estate in Florida, the president-elect singled out the South African-born entrepreneur and Iron Man inspiration for lavish praise.

“We have a new star,” he said. “A star is born: Elon.”

In return, Musk posted a mocked-up photo on X, the social media site he owns, of himself walking into the Oval Office carrying a porcelain sink.

The joke, which has been viewed 95 million times, was a reference to the phrase “let that sink in.”

The image was taken in 2022, when he arrived at Twitter’s San Francisco offices carrying a sink after buying the business he renamed X.

Musk also accused traditional media outlets of lying about the election. He tweeted: “You are the media now.”

Money and power

Musk’s relationship with Trump has, naturally, drawn criticism that he is buying influence. “That’s all the rich know,” car-makers union leader Shawn Fain said two weeks ago. “If you can’t beat it, buy it.”

Musk has said he decided to vote for the former reality TV presenter because they share views about crime, the economy and illegal immigration, even though Musk worked illegally in the US when he arrived in Silicon Valley via Canada.

Until recently, Musk was a Democrat voter. Then he became one the most visible and enthusiastic of the business leaders backing Trump.

Apart from access to the world’s most powerful man, Musk could benefit from a Trump presidency in several ways.

In September, Trump said he would appoint Musk to lead a government efficiency commission.

Musk, who likes playing computer games and smoking marijuana, isn’t allowed to take on a full-time government job without putting his personal businesses in a trust.

But lawyers say he could take leadership of the new commission part time, and use it to reduce regulation and push for more government services to shift to the private sector.

He has complained of over-regulation by the Federal Aviation Administration, and called for fewer restrictions on self-driving cars.

A federal transport agency is investigating whether Tesla’s software was responsible for four collisions, including one that was fatal.

His company SpaceX is a big contractor to NASA, the space agency. He wants government support to colonise Mars, which Musk has said is the only way to secure the long-term future of the human race.

Downsides

There are dangers for Musk too. Trump, a climate change sceptic, has vowed to cancel Democrat tax credits and subsidies for electric vehicles. Tesla is America’s biggest EV maker.

Trump has a history of discarding allies after they lose their value, and becoming resentful of people who distract attention from him. Unpredictable and self-obsessed, he can be difficult to deal with.

Few members of his first cabinet supported his re-election. John Kelly, his chief staff from 2017 to early 2019, last month described him as a fascist in an interview with The New York Times.

For now, though, the incoming president has promised to look after his $400 billion, 53-year-old fanboy.

“We have to protect our geniuses,” Trump said on election night while Musk watched from a prized seat close to the president-elect’s. “We don’t have that many of them.”