Why Elon Musk's $60 billion reward for backing Donald Trump is about to get even bigger

Over 120 years on, the association between Andrew Carnegie and Theodore Roosevelt remains pertinent. Their relationship was born out of mutual interest, yet reciprocity sometimes gave way to contempt. Roosevelt once told a friend it was “pretty difficult” to like the Scottish-American tycoon. “There is no type of man for whom I feel a more contemptuous abhorrence than for the one who makes a God of mere moneymaking,” he confided.

Come January 20, that entrenched dynamic between the office of the presidency and influential business magnates will undergo an unprecedented stress test. For all the wild Cabinet and advisory picks made so far by Donald Trump, his appointment of Elon Musk as the co-head of a new Department of Government Efficiency is the most egregious by far.

Tesla share price soaring

The advantages for Musk in this emerging plutocracy are manifest. His network of companies already has billions of pounds worth of US government contracts and, thanks to their satellite technology, boast deep-rooted ties with the US military-industrial complex. Now, having bankrolled his way to the title of Trump’s pet of the month, his reward is a business opportunity Carnegie could not even have conceived of.

The dividends have already been plentiful. Having closed at $251 on the day of the election, the share price of Tesla stood at $338 at the time of writing, boosting the value of Musk’s holding by $60 billion. If the Trump administration takes a scythe to red tape around autonomous vehicles, that figure will skyrocket.

Another Musk entity, SpaceX, also stands to benefit greatly. Having pursued American superiority in space during his first term, Trump has spoken of a mission to Mars this time around. It is a proposal endorsed by Musk, and one that would nourish the egos of its originators while expediting the commercialisation of Nasa’s work.

Iran and Ukraine

Not so long ago, such blatant conflicts of interest would have been morally unconscionable and politically insurmountable. The most rudimentary ethical guardrails ought to preclude a figure such as Musk from having significant influence over the firing of officials, cutting of budgets, and sidelining of rivals, but the first Trump term revealed the ease with which meaningful scrutiny can be railroaded. Now, with a compliant Congress and a Supreme Court reshaped in his image, the checks and balances are even scarcer.

One unanswered question is the reach Musk will command. Given how he has held a private meeting with Iran’s ambassador to the United Nations, and participated in Trump's telephone calls with Ukraine’s Volodymyr Zelensky, the techno-utopian’s scorched-earth approach could extend way beyond public sector reform.

Equally, it may be that the bromance between him and Trump implodes. After all, the chaotic narrative that lies ahead can accommodate only one conceited and choleric protagonist. Either way, it is a moot point. Having helped Trump to power and profited handsomely, Musk has prevailed. What comes next will be a crude exercise in naked power as the gods of mere moneymaking are left to their own devices.