Latest US elections: Trump storms to victory in US elections; Wall Street hits record highs; world leaders congratulate him

TO Tom Clarkscience and technology editor

“The future is going to be fantastic,” America’s unlikely kingmaker wrote on X, above a photo of his Starship rocket blasting off into space.

After all, it was Elon Musk who lent support to Donald Trump’s campaign and helped him achieve a decisive victory.

The world’s richest man has bombarded his more than 200 million followers on the platform he controls with pro-Trump content – some true, many false.

There is also evidence that since Musk endorsed the president-elect, X’s algorithms have amplified pro-Trump content.

“I don’t think this race would have been even close if it wasn’t for what Elon Musk did with X and showed people what was going on,” Donald Trump Jr. said on a podcast on Election Day.

Add to that Musk’s tens of millions in donations to Trump’s re-election campaign, millions of dollars in gifts to voters, speeches at his rallies and podcasts in his support, and we have a winner.

But what will this give Elon Musk?

First, there is the role promised to him by Trump as head of the new Department of Government Effectiveness. That would give the billionaire an opportunity to break through the US federal bureaucracy, which he, like Trump, says has long held America back.

Musk definitely feels that this is holding him back. Environmental and safety regulations have at times delayed his breakneck missile testing program and the launch of Tesla’s self-driving robo-taxis.

He nicknamed the future new department DOGE (a reference to the cryptocurrency he promotes, dogecoin), and came up with it so quickly that you wonder if the idea was his to begin with.

Removing regulatory barriers to its own business interests or cutting contracts with its more cumbersome and government-dependent competitors such as Boeing would clearly be attractive.

But Musk is also ideological and wants to go much further – arguing that $2 trillion in inefficiencies should be cut from the federal budget.

He didn’t become the richest man in the world by doing everything halfway.

Musk’s purchase of Twitter for $44 billion in 2022 was seen as an extremely bad business move. Does it look like this now?

He also wants Trump to make good on his promise to promote cryptocurrencies, which he supports ideologically and invests in financially.

And Musk’s bet on Trump’s support is already paying off. The value of his companies, including Tesla, has risen. If X and Space X were publicly traded, it is expected that they too would take off.

The Trump-Musk relationship takes America into new, very uncertain territory. But will it hold up?

Musk could bring experience and money from Silicon Valley to the White House. He pledged to continue donating to the American Political Action Committee (PAC) to support Republicans. His control of social media is a formidable tool for the Trump administration.

However, the president-elect’s plans for aggressive tariffs could destroy Tesla’s business with China. Musk said “screw oil” and Trump calls it “liquid gold.”

And then there are the two men themselves. Trump has said he will only accept complete loyalty in his new administration.

Musk is known for not tolerating those he considers fools and for his willingness to blow things up in his dogged pursuit of success.

All this could end in scandal.