How Musk’s clout with Trump could enrich his companies
Live MintBy Marisa Taylor, Rachael Levy and Chris Kirkham Nov 6 - Elon Musk’s backing of Donald Trump’s decisive victory for a second presidency puts the billionaire entrepreneur in an extraordinary position of influence to help his companies secure favorable government treatment. He's now at the forefront of a growing class of Silicon Valley billionaires championing a libertarian movement as a backlash to the California region's historically liberal ideology - which Musk now derides as a “woke mind virus.” His rising political involvement could put his industrial empire in a position that current and former employees likened to the Gilded Age, when industry barons including J.P. Morgan and John D. Rockefeller held broad sway over government policy that impacted their companies and their wealth. GROWING POWER Musk’s designs on setting up a lax regulatory environment comes as his companies already face fewer regulatory requirements and softer enforcement of current federal rules, according to the six Musk company sources familiar with Musk’s regulatory dealings and his political strategy. A Reuters investigation last year documented at least 600 worker injuries at SpaceX facilities nationwide and found that Musk’s rocket company disregarded safety regulations and standard practices. Musk and SpaceX see the company’s dominance as evidence that it can handle less oversight, the sources said, even as an unfettered Musk could have unintended consequences for the industry.