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Reading: Donald Trump may flip Elon Musk into an American oligarch
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The Wall Street Publication > Blog > World > Donald Trump may flip Elon Musk into an American oligarch
World

Donald Trump may flip Elon Musk into an American oligarch

Editorial Board Published September 25, 2024
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Donald Trump may flip Elon Musk into an American oligarch
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Former President Donald Trump’s plan to have Elon Musk lead a authorities effectivity fee would vault the world’s richest man to an unprecedented position: American oligarch.

The small print of the fee and Musk’s involvement are nonetheless imprecise, however any formal position in authorities would give higher affect to the billionaire proprietor of Tesla, House X, satellite tv for pc firm Starlink and the social media platform X — signature ventures which have benefited from federal contracts, tax credit and authorities incentives.

“This is like red lights blaring, all kinds of conflicts of interest,” stated Danielle Brian, president of the Venture on Authorities Oversight.

Past the potential competing pursuits, Musk’s potential foray into authorities would symbolize a putting improvement for the tech titan, who would primarily have a job on the highest ranges of enterprise, manufacturing, media and Washington.

On the similar time, handing Musk a place in his potential administration would match neatly into Trump’s method to authorities. The previous president tapped billionaires Wilbur Ross and Steven Mnuchin to serve in his Cupboard, although they’d far decrease public personas as Musk — and fewer to realize immediately from their involvement.

“Musk is the latest example of a totally gearheaded, engineering-brained, Silicon Valley guy who looks at government and says ‘How hard can it be? Let me at it and I can solve it for you,’” stated Peter Leyden, founding father of the strategic foresight agency Reinvent Futures and a former managing editor at Wired. “There’s been many of these characters before and he’s just the latest.”

Musk firmly planting himself into politics is no surprise to those that have watched him transfer from electrical automobile innovator to house entrepreneur to proprietor of X (and on-line troll of liberals). However tech consultants say Washington could also be tough terrain for a Silicon Valley businessperson unaccustomed to the complexities of federal paperwork.

“He’s always been a contrarian,” stated Will Rinehart, a senior fellow on the American Enterprise Institute. “He’s worked on electric cars when no one cares about electric cars. He’s worked on space when no one cared about space.”

“That has pushed him into this space where being a contrarian has this value for me.”

Musk has described himself previously as a average however shifted his allegiance to Trump, formally endorsing him after the tried assassination in July.

“I look forward to serving America if the opportunity arises,” Musk wrote on X, “No pay, no title, no recognition is needed.”

Like Trump, Musk has expressed hostility towards authorities oversight — significantly in California.

The billionaire had long-running feuds with the state’s deep-blue authorities and has typically tussled with the state’s highly effective labor pursuits. Early within the pandemic, he defied native public well being orders and continued manufacturing automobiles at Tesla’s Fremont plant regardless of the specter of Covid-19 — later suing to dam what he known as “fascist” restrictions and threatening to maneuver the headquarters out of state.

He ended up shifting some firm’s operations to Texas later that yr, however continued to develop Tesla’s footprint in California. He made comparable threats of withdrawal earlier this yr when, outraged over new protections for LGBTQ+ youth, he vowed to maneuver X and SpaceX to the Lone Star State. Final month, he introduced the social media platform would shutter its workplaces in downtown San Francisco, relocating workers to close by Palo Alto and San Jose.

Musk has additionally confronted authorized scrutiny for his labor practices at each Tesla and X. A California choose discovered that he and different Tesla executives violated labor legal guidelines in 2017 and 2018 by sabotaging makes an attempt to arrange staff. Lots of of former Twitter workers sued him after his $44 billion acquisition of the social media platform in 2022, accusing him of failing to pay severance.

Lorena Gonzalez, head of the California Labor Federation, for years has traded barbs with the billionaire. She famous that state lawmakers typically seen Musk as a constructive for the state — giving Tesla hundreds of thousands in subsidies and touting it as a marquee California firm.

“His product was often kind of labeled as enviro,” she stated. “But there was nothing about him that suggested he was a progressive or liberal.”

Musk didn’t reply to a request for remark.

Musk’s push into nationwide politics grew along with his 2022 buy of Twitter, which he later renamed X. He instantly oversaw mass layoffs and applied a brand new imaginative and prescient selling free speech — reforms that introduced partisan criticism he was enabling misinformation and harassment on the platform. Underneath Musk’s management, X’s valuation has plummeted and traders misplaced over $24 billion.

On the Reboot convention Thursday, hosted by the right-leaning tech suppose tank Basis for American Innovation, attendees have been largely detached or inattentive to Musk’s audacious pledge to steer Trump’s fee.

Patrick Blumenthal, founding father of the Anomaly enterprise capital fund, instructed that given its obvious lack of relation to any of Musk’s tech tasks it mirrored a sure stage of dilettantism not unusual within the tech world.

“Tech and politics, to some extent, I think are incompatible,” Blumenthal stated. “But you have an industry full of intelligent people, so it’s inevitable that some of them will want to see if that intellect works in another arena.”

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