Elon Musk’s wealth may become a liability if Donald Trump turns against him
Since Donald Trump won the 2024 presidential election, billionaire tech-entrepreneur, Elon Musk, has sought closer and closer association with the president-elect. Nikhil Kalyanpur and Abraham Newman argue that acting as a close insider may ultimately put Elon Musk in Donald Trump’s sights if – and when – they disagree. The history of Russian oligarchs who fell out with Vladimir Putin, they write, illustrates how vast wealth may be no protection against a weaponized state.
‘Uncle’ Elon Musk has become synonymous with Trump world – a government efficiency ministry, consultations on key administrative appointments, and even meetings with Iranian officials. Tesla and X shares keep soaring, signaling that the political investment is reaping material dividends. Musk looks to have acquired an unrivaled and unshakeable stock of power, and that’s exactly why he should be worried.
From industrialist J.P. Morgan in the early 1900s to the Koch brothers, the seeking of political influence by the super-rich is nothing new in the United States. Those oligarchs, however, operated in a system where the President was closely focused on winning elections and vendettas were quickly forgotten. But the logic of politics changes when leaders care more about consolidating control, prioritizing fealty over party. If leaders are willing to disregard economic costs and use the power of the state to discipline money, then money can no longer discipline politicians. Wealth quickly becomes a liability.
