Elon Musk Becomes the First Friend

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It’s hard to believe it’s only been a week since the US presidential election. First Friend Elon Musk has been very busy—from talking on the phone to world leaders to racking up billions of dollars in additional wealth as Tesla stock soars (thanks to widespread expectations of presidential favor). To hash all of this out, Bloomberg Businessweek senior writer Max Chafkin leads a discussion with Bloomberg technology editor Sarah Frier, Elon Musk reporter Dana Hull and wealth reporter Tom Maloney.

Speculation persists that Donald Trump and Musk will eventually have a falling out, as often happens with the 78-year-old Trump when he feels overshadowed. But so far, their relationship appears as close as ever. There are reports of even more calls with world leaders that have involved Musk, a private citizen with no government experience, on the line. Musk has also thrown his support behind Florida Senator Rick Scott’s bid (supported by Trump) to become the Senate majority leader. If Scott prevails, Musk may get some of the credit.
Musk’s wealth is now hovering around $330 billion, near his personal peak—which was around $340 billion. In the past week, he has added billions of dollars to it as Tesla stock soared. Of course, most of that wealth is on paper.
This stock gain makes his purchase of Twitter, which has degraded in value under his stewardship, seem like less of a big deal. In fact, X has largely become the media arm of the Republican Party.
The right wing billionaire also has signaled he will fund his political action committee for the midterm elections. Spending a few hundred million dollars on GOP candidates (presumably) every few years isn’t likely to be a financial problem for a mogul who, while not terribly liquid, is rich enough to raise money against his companies.
A new feud: Musk versus pop star Olivia Rodrigo. She had said that she asks men on first dates if they want to go to space—and if they say yes, “it’s just weird.” We’ll be looking for his response to this shot to the man-o-sphere.

About Elon, Inc.: Each week, listen in as host David Papadopoulos (and sometimes Max Chafkin) convenes a panel of Bloomberg journalists tracking Elon Musk’s companies and the surprising ways they intersect, breaking down his latest moves and what they could mean for us all.