It’s clear that Elon Musk doesn’t like Joe Biden. But since Musk officially backed Donald Trump for president this year and is said to be giving him money, Biden is returning the favor. Musk and other famous and rich Silicon Valley VCs are now being directly urged by the president to back Trump’s campaign.
The next post Biden made on Musk’s social media site X after testing positive for COVID said, “I’m sick.” In the next post, he revealed a trick: “of Elon Musk and his rich buddies trying to buy this election.”
A few hours before, Biden’s campaign sent out a text message asking for money that said “the richest person in the world is now on Team MAGA” and said Musk was “using his wealth to try to control our democracy.”
Biden putting Musk at the center of his campaign is a big step up from the time he seemed to act like the billionaire didn’t exist as president, like when he famously held a “EV Summit” in 2021 without inviting Tesla or when he said that Detroit, not Tesla, was “leading the world in electric vehicles.”
Given how powerful the billionaire is in Silicon Valley and the tech industry as a whole, fighting against Musk’s participation is risky. A lot of the wealthiest people in Silicon Valley are supporting the super PAC that Musk is apparently giving money to. Shaun Maguire and Doug Leone, partners at Sequoia Capital, are among them. Marc Andreessen and Ben Horowitz said they will give money to Trump’s campaign because he supports crypto, has a position on AI, and disagrees with Biden’s plan to tax unrealized capital gains. David Sacks, a friend of Musk’s, has been leading the charge to get even more people to support Trump, both on X and in real life. He spoke at the Republican National Convention this week.
Of course, Biden’s campaign is in danger, so he might not see much harm in drawing attention to Musk’s role. After all, Musk, Sacks, and other powerful people like Peter Thiel were already fired up enough to try to get Trump to choose JD Vance as his running mate before Biden made the Tesla CEO the focus of his campaign. Many of these people are putting a lot of money into a super PAC that was set up in June.
It doesn’t really matter if Biden made fun of Musk because he is against unions or because he supports policies on the far right. Musk clearly didn’t like being ignored because he talks about it a lot.
Musk worked with Trump’s government in a few ways, such as by serving on Trump’s economic advisory council, but he had never backed Trump as a candidate.
At the same time, Musk has made a lot of money from and during Biden’s leadership. Tesla and Panasonic, which works with Tesla on batteries, could get up to $41 billion in credits by 2032 thanks to the Inflation Reduction Act. In 2021, Tesla was worth more than it had ever been because of the general confidence about electric vehicles (EVs) and because Hertz said they would buy a lot of Musk’s cars. SpaceX and its satellite company Starlink have won many contracts from the government for military work. It did happen that he did meet Biden at the White House in September 2023.
But his businesses are also being looked into by the federal government in several cases, some of which began while Biden was president. He definitely agrees with Trump more on issues, and there are reasons to think that his businesses would continue to do well under a Trump presidency.
Also Read: A Court Says Elon Musk Does Not Owe Former Twitter Employees $500 Million in Retirement Pay
Because of this, Biden’s use of anti-Musk speech is already making him money: There was a post on X on Thursday afternoon by a Biden campaign spokeswoman named Mia Ehrenberg that called out “Musk and his rich buddies.” Ehrenberg said it was “the second best raising social post” for the campaign in more than a year.
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