"The future is gonna be fantastic," Tesla CEO Elon Musk put out a post on X, a platform her owns, as projections showed Donald Trump marching to White House. Ther 78-year-old Republican candidate has won 27 states including Georgia, North Carolina, Texas, Florida, Indiana, Kentucky while Democrat Kamala Harris bagged only 19 states so far as the early projections started streaming in. The counting of ballots is underway in the remaining counties.
"The people of America gave Donald Trump a crystal clear mandate for change tonight," Musk wrote in another post.
Donald Trump's triumph in the elections could provide significant advantages to Elon Musk. According to news reports, Musk could also play an influential role in a second Trump administration.
NBC news, quoting a Trump campaign senior adviser, reported that Trump wants Musk to lead a "commission" that will "ensure our government works more efficiently and uses America's taxpayer dollars effectively." "As President Trump has said, Elon Musk is a genius, an innovator, and has literally made history by building creative, modern, and efficient systems," Brian Hughes added.
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Apart from a role in the Trump administration, the tech billionaire is likely to hugely benefit from the low tax rates for corporations and wealthy individuals like Musk. During his previous tenure, Trump had lowered the corporate tax rate from 35% to 21% in 2017.
According to reports, Trump plans to keep a reduced rate on the same lines as with his 2017 law having lowered the top income tax rate from 39.6% to 37%.
The Center on Budget and Policy Priorities, in its September report, said extending Trump’s tax cuts for another 10 years would direct 41% of the benefits toward high-income households through rate cuts, special deductions, and inheritance tax reductions.
How Trump Presidency May Help Musk's Empire
With Trump as US president, Elon Musk's SpaceX could expect is projected to secure billions annually in government contracts, including deals with the Defense Department and NASA. Currently, SpaceX is NASA's sole option for transporting astronauts to and from the International Space Station, as Boeing's spacecraft battles technical issues.
Elon Musk is also caught up in legal disputes with the Biden administration and federal agencies. The technocrat is engaged in at least 19 regulatory and legal disputes with different government entities. At least 12 of them are related to issues like environmental concerns at a SpaceX launch site near a Texas wildlife refuge and alleged racial harassment at a California Tesla factory. The EV company is also facing legal trouble over the marketing of its driver-assistance software as "full self-driving" despite needing human oversight.