WASHINGTON — WASHINGTON (AP) — Elon Muskdressed in a tuxedo and black tie, took the stage at newly elected President Donald Trump’s Mar-a-Lago resort shortly after the election, with all the swagger of the winning candidate himself.
“The public has given us a mandate that could not be clearer, the clearest mandate. The people have spoken. The people want change,” Musk told the audience of Trump’s biggest donors, campaign leaders and nomination seekers. “We’re going to shake things up. It will be a revolution.”
Musk’s attachment to Trump is created an alliance between America’s most powerful politician and its richest businessman — and about the same percentage of Americans have a positive opinion of both, according to a new poll from the AP-NORC Center for Public Affairs Research.
Experts are divided on whether that overlap in public opinion is good or bad for Musk’s companies or for Trump’s politics. But it could have far-reaching consequences in both areas.
Musk, whose net worth is more than $400 billion, oversees six companies and continues to work closely with Trump: electric car maker Tesla, social media platform X, space technology company SpaceXbrainlink company Neuralink, the startup xAI and tunnel operator The Boring Co.
“While there is a negative impact, in terms of potentially alienating some of their customers who may not be fans of Trump, the benefits far outweigh any negative consequences when it comes to having a judge’s seat next to Trump in the White House,” said Dan Ives, an analyst at Wedbush Securities.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, identified himself as an investor in Musk’s Tesla and a driver of Tesla’s new Cybertruck, the futuristic pickup that has received a ton of attention but has also been the subject of safety concerns and multiple recalls.
“Because your CEO doesn’t work at your company and is tasked with having to fire government employees… as a shareholder, I’m paying someone not to work for my company,” he said. “As the owner of a Cybertruck that’s self-driving and not working, I’m like, ‘Dude, this isn’t fair.’”
But despite his skepticism, Gerber said he won’t stop investing in Musk’s companies.
“I made a lot of money with Elon,” he said. “I don’t invest based on the popularity of CEOs.”
Musk does not appear to give Trump much support among people who do not support the new president.
According to the AP-NORC poll, he is no more popular with the American public than the president-elect himself, and is viewed unfavorably by about half of Americans.
About four in ten Americans have a somewhat or very positive image of the richest person in the world, similar to the percentage who view Trump positively. Likewise, about half of adults have a somewhat or very unfavorable view of Musk – again similar to Trump.
Instead, one political strategist said, Musk is the ideal validator for someone who cultivates an image of success in business and who has filled his Cabinet and key adviser roles with billionaires.
“Trump has always pushed the narrative that he is a successful developer and a very successful businessman. I think having Musk with him is his double point on this business success, good for the economy, good for everyone and making money. kind of persona,” said Christine Matthews, a national political pollster who has worked for Republicans. “In this case, Musk is seen as this successful, innovative technology entrepreneur who pushes boundaries.”
Musk also has at his disposal X, the social media platform formerly known as Twitter he bought and turned into a megaphone for conservative ideas. And have has spent an estimated $250 million To support Trump in the election, Musk has indicated he is willing to support Republican primary challenges to GOP members in the House and Senate who are seeking re-election in 2026 and who doubt Trump’s appointments and agenda.
Trump gave him the job leading a group to reduce the size of the federal government and reduce the regulatory authority of the federal bureaucracy.
Tesla is poised to make significant gains under the Trump administration, with reduced subsidies for alternative energy and electric vehicles likely to hurt smaller competitors the most. Trump’s plans for expanded tariffs on Chinese imports make it less likely that Chinese electric vehicles will be sold in bulk in the US anytime soon.
Some analysts believe that the billionaire’s role will create a very friendly landscape for Tesla in the coming years. Ives, the analyst at Wedbush Securities, said Musk’s relationship with Trump “could revolutionize the Tesla story, especially around robotics, AI and autonomous driving.”
Investors, he said, are betting on Musk and seeing his political rise as a “champagne moment.” Unlike Gerber, Ives believes ending EV credit and taking subsidies from Detroit automakers, Hyundai and others will only create opportunities for Tesla.
“I think Wall Street is starting to fully digest Musk’s potential upside,” Ives said.
Tesla shares closed at a record high on Tuesday, with much of the company’s recent gains coming after Trump’s victory. But Gerber believes the jump comes because investors believe Tesla will have an advantage when it comes to autonomous driving because Trump could grant the company a national autonomy license.
Still, he thinks Tesla will be the “big loser” of Musk’s companies because of Trump’s promise to end the EV tax credit for automakers.
“I don’t see much benefit in this for Tesla,” he said. “Elon misleads people by saying that it will harm competition if credit disappears.”
Musk’s other companies — including his artificial intelligence company xAI — could reap the benefits of working within the Trump administration, he said.
“AI is a transformative investment that will create many regulatory and government challenges, especially in the areas of security and information,” Gerber said. “There are a lot of benefits, from an AI perspective, to having Elon where he is.”
The relationship between the two men has no parallel in American history, says David Nasaw, biographer of American business magnates Andrew Carnegie and William Randolph Hearst. He noted that Musk, on a level unlike other tycoons, has relied on subsidies and favorable government decisions for his success from Tesla to SpaceX.
“He’s a unicorn,” Nasaw said of Musk.
___
Beaumont reported from Des Moines, Iowa, and Parvini reported from Los Angeles.