Donald Trump’s election night for the country confirmed that one of the night’s biggest winners – besides himself – was Elon Musk.
Trump spent a good portion of his scattered victory speech thanking Musk, who has recently devoted more than $130 million and a lot of time and tweets to the conservative political cause. Trump had particular praise for Musk’s rocket company SpaceX and its Starlink internet satellites – two business units ripe for government contracts.
“We must protect our super geniuses,” the president-elect said. During his campaign, Trump said that, at Musk’s request, he will create a new “government efficiency” position in his administration for the technology CEO.
Musk has been known to cite government overreach when faced with a fine or sanction. So it’s not surprising that the multibillionaire has tied himself to Trump, who has promised to roll back regulations.
On top of potentially looser government oversight, Musk’s alliance with Trump could help him win federal contracts. The New York Times reports that SpaceX and Tesla have already won at least $15.4 billion in government contracts over the past decade. Musk’s colleagues and government officials told Reuters The billionaire’s investment in Trump is part of a broader effort to shield his companies from regulation and secure access to government subsidies.
Below are just a few ways each of Musk’s companies could benefit from Trump’s retake of the White House.
SpaceX and Starlink
Tensions are high between the Federal Aviation Administration and SpaceX. In September, Musk called for the resignation of FAA chief Michael Whitaker over $630,000 in fines imposed by SpaceX over rocket launch violations. Musk has said his plans for a Department of Government Efficiency (DOGE) under Trump include relaxing regulations on his rocket launches.
Meanwhile, Starlink, SpaceX’s satellite internet unit, could do just that receive a friendlier reception from the Federal Communications Commission under Trump, assuming the president taps Republican Commissioner Brendan Carr to replace current Chairman Jessica Rosenworcel. Carr has called the FCC’s 2022 decision to cut $885 million in subsidies for Starlink “regulatory harassment.” And Trump himself has proposed using Starlink’s satellite services for rural connectivity — a potential financial boon for Starlink — as part of the government’s $42 billion plan for future broadband financing.
X
Following Musk’s $44 billion acquisition of what was once Twitter, the Federal Trade Commission investigated whether X and its new owner violated an existing FTC data privacy agreement with the company. After taking over the service, now known as Last week, Musk promised some payback, saying FTC Chair Lina Khan would be fired under the Trump administration. Never mind that Trump’s vice president, JD Vance, has praised Khan for being tough on monopolies.
xAI
Musk’s generative AI startup, xAI, has a chatbot that competes with OpenAI’s ChatGPT and other major language models. Musk is therefore very interested in any regulations that affect AI.
So far, federal talks about adopting broad regulation of AI companies have not gotten off the ground. But Musk could still intervene by advising Trump on one lighter replacement of the Biden administration’s AI executive ordera framework for the use and development of AI that imposes some restrictions on AI companies.
In California, Musk supported controversial security legislation, SB 1047, which would have restricted major AI companies. This legislation was fiercely opposed by venture capitalists and large-scale developers, citing the potentially catastrophic risks of artificial intelligence.
Tesla
Federal auto safety regulators attacked Tesla last month with a new investigation into its Full Self-Driving mode, which partially automates human driving, after a Tesla driver fatally struck a pedestrian. Musk could use his influence to shape federal enforcement of car safety or federal regulation of self-driving cars or robotaxis. It’s an area he places great emphasis on, as Tesla hopes to introduce robotaxis to take on more established competitors like Alphabet’s Waymo and even GM’s Cruise.
Musk could also try to lobby Trump over his opposition to the Biden administration’s electric vehicle tax breaks, which encourage the purchase of electric vehicles.
Trump’s promise to increase Biden’s existing tariffs on China and other rival countries could also be complicated for Musk. Cutting imports of cheaper electric cars would remove some of Tesla’s competition in the US, but an escalation of a trade war would also harm the technology broadly by disrupting its dependence on China and Taiwan for chips.
Either way, investors are hopeful: Tesla stock rose 15% after Trump’s victory speech.
Boring company
Musk’s visions for high-speed transportation, such as Boring Company’s Hyperloop project, are stifled by regulations and the limitations of current technology. Instead, it has focused on a lower-tech version: Teslas ferrying passengers underground near the Las Vegas convention center. The project has been subject to an OSHA investigation workplace safety. But despite the high costs, complicated infrastructure and unsafe conditions, Musk has persevered government regulation is to blame for the failure of tunnel projects in some other American cities. In any case, having allies in the US government could make it easier for Boring to win major infrastructure projects.
Neuralink
As the founder of brain chip company Neuralink, Musk has criticized lengthy Food and Drug Administration approval processes for new drugs and medical devices, claiming at a meeting in Pennsylvania that “overregulation is killing people.” It was later reported that Musk was referring to the cancer drug was indeed approved. Still, Musk’s vision for widespread “government efficiency” would also likely target the FDA and potentially gain faster approval of his Neuralink. So far, Neuralink has implanted brain devices in two patients with FDA approval.
This story originally ran Fortune.com