The world’s richest man has his own fleet of missiles, his own media, and his own plan for Donald Trump’s successor.
Entrepreneurs become legends by making big bets on technology and reaping big and fantastic rewards. Elon Musk is now applying this all-or-nothing philosophy to the presidential race, staking his reputation and even his future on a Donald Trump victory.
Before Musk arrived, Jeff Bezos was the dominant figure in the dot-com era, playing a quiet game that allowed Musk to dominate the headlines and take risks. But last week, Bezos dared – or rather inadvertently – to find himself in the news.
He owns several properties, including The Washington Post, which he bought in 2013. The newspaper’s editorial board was preparing to endorse Democratic presidential candidate Kamal Harris when Bezos withdrew his endorsement at the last minute.
It didn’t have to be a big deal, just a boring announcement that something wasn’t going to happen. Instead, the greatest salesman of our time, whose obsession with customers made Amazon the modern retailer, suffered the biggest failure of his life.
A quarter of a million Post readers canceled their subscriptions, a number first reported by NPR and then by the Post itself. This represents approximately 10% of the total print volume.
Danny Cain, author of How to Boycott Amazon and Why, said the speed and decisiveness of the cancellation was somewhat shocking but also terribly appropriate. “Amazon invented the whole concept of one-click culture, where you push a button and a pile of toilet paper appears on your front porch,” he said. “You can’t get rid of a Tesla in your driveway with one click. But you can do that with a newspaper owned by Jeff Bezos.
Those who canceled the reservations said they felt Bezos was trying to curry favor with Trump, a charge he denies. The outrage immediately eclipsed any losses Musk had suffered since Trump’s endorsement in July, and he became the former president’s most visible fan, cheerleader and follower.
If customers are turning away from electric cars made by Musk’s car company Tesla for political reasons, this is not clearly reflected in the sales data. On Tuesday, Musk implicitly dismissed the idea for X, sharing fan messages saying it’s not happening.
Musk, Bezos and other ultra-wealthy individuals face extraordinary opportunities and unseen perils in one of the closest, most dramatic, most messy and high-profile political battles of our time. Of course, everyone has something at stake in this election, but the very wealthy also have so much at stake – or so they think – that they too may inevitably try to influence the election.
There’s always money in politics, and the rich always look to Washington for rewards. First Cabinet of President Dwight D Eisenhower was known as “eight millionaires and a plumber.” But until recently, it was considered bad for successful public figures to declare their favorites too strongly and make too many demands. In 1990, Michael Jordan set the standard for many celebrities to follow. Helmets.
“Republicans buy sneakers, too,” Jordan said. Helm narrowly defeated Gantt. Jordan later said it was an offhand comment or even a joke, but he didn’t take it back. “I never considered myself a radical,” he said. “I consider myself a basketball player.”
Many billionaires are now activists. One of the reasons is that there are more of them – the ranks of American billionaires. By some estimates, their revenue has increased by 38% since Trump took office in 2016, and they have even more money. Despite the effects of antitrust and regulation, life is still pretty good for the rich and their companies.
But even this huge amount of money has its limits. Oracle founder Larry Ellison, one of the richest people in the world after Musk and Bezos, last year endorsed the presidential ambitions of South Carolina Republican Senator Tim Scott Scott.
Ellison spent at least $30 million, but was unable to make Scott a viable candidate. Ellison has provided funding to his candidates but otherwise remained silent. Far from reticent, Musk has become Trump’s big face and one of his biggest donors. “We’re going to take the government out of your hands and take the money out of your pockets,” Musk told a crowd at Madison Square Garden at a Trump rally on Sunday.
Musk clearly wants to be free from the shackles of government. His companies, including Tesla and SpaceX, have been the subject of more than 20 investigations or reviews, according to a New York Times analysis. Tesla’s push for autonomous driving has been particularly targeted by regulators. Last week, the National Highway Traffic Safety Administration announced it was investigating several self-driving accidents related to fog and dust.
Musk, who calls himself Trump’s inspector general for government waste, has frequently clashed with the Securities and Exchange Commission (SEC). The commission has launched an investigation into the entrepreneur’s 2022 acquisition of X, then known as Twitter. Musk did not testify in September, prompting the US Securities and Exchange Commission (SEC) to petition for sanctions against him.
In addition to regulatory control, Musk is connected to governments through funding. NASA announced in June that SpaceX won an $843 million contract to “deorbit” the space station as it prepares to retire in a few years. SpaceX has contracts to launch military and spy satellites.
A couple of hours later, Musk wrote “Who is Jeff?” Musk did not respond to a message seeking comment.
Gordon L. Johnson II, a New York securities analyst and staunch Tesla skeptic, is rational: “They’re trying to protect their interests.”
He said the best-case scenario for Musk if Trump wins is: “Trump says, ‘Forget the pending cases against you by the Justice Department and the Securities and Exchange Commission.’ “If Kamala wins, there is a risk that the current investigation will continue.”
As for Bezos, Johnson said he, too, is being smart. “If you want to protect your business interests, cowardice is rational,” he said. “We’ve never had a president threaten the things that Trump has threatened.” Johnson knew he had to act rationally, too.
“My rating on Tesla is ‘sell,'” he said. “If Trump wins and Musk takes office, who knows what will happen to his enemies. I have a four-month-old son, and his father would have a problem going to prison.” I’m not rich. “I will not cover Tesla again.”