Hearts & Minds: Will politics be the final frontier for Musk?

Comms advice to corporate chiefs is to publicly steer clear of politics and elections. Normally, they need little persuading, they know it’s a divisive subject. Not always true - business leaders have played active roles. Usually, though, they’ve retired from company management.

Elon Musk’s involvement in securing Donald Trump’s victory takes it to another level. Musk still controls his businesses, yet his assistance was enormous and varied: donating huge sums to the campaign, running a get-out-the-vote operation and promoting Trump on his X social network. It was Musk who also persuaded super-podcaster Joe Rogan to endorse Trump. Small wonder that Trump paid fulsome tribute to the Tesla and Space X chief and has confirmed that Musk is lined up for a role in his White House, tackling government waste.

Musk has reaped an instant financial benefit: Tesla shares rose 15 per cent yesterday, adding $15bn to his $264bn fortune.

Others may be tempted to follow suit. So, should they? First, Musk is very much a lone operator. Tesla may have shareholders and stakeholders, but Musk’s history is one of doing pretty much as he pleases. Second, these are early days. Trump and Musk are in the first flush of triumph. The incoming President may abolish subsidies to US manufacturers of electric vehicles, among them Tesla’s arch-rivals, Ford and GM. While Trump’s loathing of state intervention may see regulation rolled-back for Musk’s twin passions, the development of driverless cars and expansion of space rockets.

That, though, might not mask fundamental differences between them. Trump, for instance, is no deep-rooted fan of renewables.

Third, there could be a heavy personal price. Trump may have won comfortably but a vast number of Americans did not vote for him. Likewise, overseas, Trump has his admirers and his opponents. To tie yourself so closely to him is inviting abuse and boycotts of your products.

Musk may be a hero to many, including Trump. That may harden if he’s seen as the architect of more efficient government. But equally, those protests could grow more numerous and fiercer, if, in your zeal to combat public spending, you’re seen as the person behind a slew of layoffs.

He’s playing what could prove to be a zero-sum game. It may not bother Musk; he’s made his money and secured his reputation; he may wish to focus entirely on space exploration. Musk can do it because he can. Anyone else may not have that same leeway.

Chris Blackhurst is one of the UK’s foremost business journalists. He was previously Editor of The Independent and City Editor of the Evening Standard.