Elon Musk’s disdain for Joe Biden is no secret, and his recent move to officially support and reportedly finance Donald Trump’s presidential run has provoked a reciprocal action from Biden. The president has taken to highlighting Musk’s financial backing of Trump in his campaign efforts, along with the support from other prominent Silicon Valley investors.
Feeling unwell and testing positive for COVID, Biden took to Musk’s own platform X to express his frustration, not with his health situation but with “Elon Musk and his wealthy friends attempting to purchase this election,” showcasing a bait-and-switch tactic in consecutive posts.
Earlier that day, a fundraising message from the Biden campaign highlighted the issue, stating that “the world’s richest person has joined Team MAGA,” accusing Musk of trying to “manipulate our democracy with his wealth.”
Placing Musk at the forefront of his campaign marks a significant intensification for Biden, who seemed to largely ignore the billionaire during most of his presidency. Examples include excluding Tesla from an “EV Summit” in 2021, and crediting Detroit with leading the charge in electric vehicles over Tesla.
Positioning Musk as a campaign adversary is risky, given the billionaire’s influence in Silicon Valley and the broader tech industry. A group of the region’s wealthiest individuals have shown their support for the super PAC Musk is said to be funding. This includes Sequoia Capital partners Shaun Maguire and Doug Leone, and others like Marc Andreessen and Ben Horowitz, who back Trump primarily for his stance on cryptocurrency, AI policy, and opposition to Biden’s unrealized capital gains tax proposal. David Sacks, a close ally of Musk, has been particularly active in rallying further support for Trump, evident both on X and at the Republican National Convention.
With Biden’s campaign facing challenges, highlighting Musk’s involvement might be seen as a strategic move, especially since Musk, Sacks, and other influential figures like Peter Thiel had already rallied behind Trump’s selection of JD Vance as his vice-presidential pick before Biden intensified his focus on Musk.
Biden’s decision to overlook Musk could stem from various issues, including Musk’s anti-union stance or his alignment with far-right policies. However, Musk’s irritation at being ignored is evident, as he frequently mentions it.
Musk did engage with the Trump administration in some capacity, like serving on an economic advisory council, but he has only recently openly supported Trump as a presidential candidate.
During Biden’s tenure, Musk’s ventures have seen significant benefits, like the Inflation Reduction Act providing Tesla and its battery partner, Panasonic, with up to $41 billion in credits by 2032. Tesla’s valuation soared in 2021, buoyed by the general optimism around electric vehicles and a substantial order from Hertz. SpaceX and Starlink have also secured numerous defense and government contracts. Musk did eventually meet with Biden at the White House in September 2023.
However, amidst multiple federal investigations into his companies that began during Biden’s presidency, Musk’s ideologies seem more aligned with Trump, suggesting his enterprises might fare better under another Trump administration.
The Biden campaign has financially benefited from adopting an anti-Musk position, as evidenced by a post highlighting “Musk and his wealthy associates” becoming one of the most successful fundraising posts for the campaign in over a year, according to campaign spokesperson Mia Ehrenberg.
Compiled by Techarena.au.
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