Elon Musk's business empire is expanding. It includes the manufacturer of electrical vehicles Teslasocial media company X, artificial intelligence startup xAI, computer interface company Neuralink, tunneling company Boring Company and aerospace company SpaceX.
Some of his ventures are already benefiting enormously from federal contracts. According to a study by FedScout, SpaceX has received greater than $19 billion from federal government contracts. More lucrative contracts may very well be added under a second Trump presidency. SpaceX is on the right track to earn billions of dollars annually from prime contracts with the federal government in the approaching years, in line with Geoff Orazem, CEO of FedScout.
Musk, who has often accused the federal government of stifling innovation, might also push for less regulation of his firms. Earlier this month, Musk and former Republican presidential candidate Vivek Ramaswamy were tapped by Trump to steer a government efficiency group called the Department of Government Efficiency (DOGE).
In a recent op-ed within the Wall Street Journal, Musk and Ramaswamy wrote that DOGE “will pursue three broad types of reforms: regulatory rollbacks, administrative reductions, and cost savings.” They went on to say that many existing federal regulations were never passed by Congress and due to this fact ought to be repealed, which President-elect Trump could achieve through executive motion. Musk and Ramaswamy also advocated for large-scale audits of agencies, accusing the Pentagon of failing its seventh consecutive audit.
“Elon Musk and his companies would benefit from a Trump administration primarily through deregulation and deficit spending, you know, by providing fewer resources to the federal agencies charged with overseeing him and his companies,” says CNBC- Technology reporter Lora Kolodny.
To learn the way else Elon Musk and his firms may gain advantage if the president-elect's voice is heard, watch the video.
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