Billionaire Elon Musk is flaunting his wealth and political power in a way unlike any of the world's richest people before him.
In American history, no billionaire has been as politically active as Elon Musk. With an estimated net worth of $247 billion, the CEO of electric carmaker Tesla and aerospace company SpaceX is flexing his wealth and political muscle in a way that no other billionaire in the world has.
Open political influence
The 53-year-old billionaire recently held an event in Pennsylvania, a key swing state in the 2024 US presidential election. He pledged to hold more events to support former President Donald Trump.
Not only that, Elon Musk has also invested at least $75 million in a pro-Trump super PAC that he created. The super PAC, called America PAC, even offered $47 to anyone who could get their supporters to sign a petition to collect data on potential voters. Not stopping there, Musk recently increased the reward to $100 per voter in Pennsylvania.
Billionaire Elon Musk at a campaign event in Pennsylvania on October 20. Photo: Capital-Star
While not the biggest donor in this year’s election (that feat belongs to billionaire Timothy Mellon, who gave $165 million), Musk’s approach to American politics is unique. Unlike the world’s richest people of the past, such as Bill Gates, Jeff Bezos, or Warren Buffett, Elon Musk is actively and directly involved in political activities.
Roger Lowenstein, author of a biography of Warren Buffett, commented that billionaire Musk's personality is completely different from Warren Buffett. While the Chairman of Berkshire Hathaway is quite cautious in his speech and avoids personal confrontations, the boss of Tesla and SpaceX is straightforward and does not hesitate to express his views on political issues.
It’s not just about financial sponsorship. Elon Musk also uses his own social media platform X (formerly Twitter) to promote his own views. In addition to lifting the ban on former President Trump and many other conservative figures, he also uses his personal account on the platform, with about 202 million followers, to share memes and information of a political nature.
Changing the influence of billionaires
Elon Musk’s activism raises questions about the influence of the wealthy on US elections. The US Supreme Court’s 2010 Citizens United decision paved the way for unlimited campaign funding for politicians through super PACs, raising concerns that a small group of wealthy individuals could shape the outcome of any election.
Former US President Barack Obama once warned that only about 200 people can decide who becomes president in each election. Billionaire Warren Buffett, who was briefly the richest man in the world, also made it clear that he will not participate in the activities of political action committees, on the grounds that this is bad for democracy.
Billionaire Elon Musk's activities raise questions about the influence of the rich on US elections. Photo: X
Not all billionaires are politically distant. Bill Gates, for example, through the Bill and Melinda Gates Foundation, has had a significant impact on global health policy. Even Warren Buffett has become a symbol of the Obama administration’s efforts to raise taxes on the wealthy through the “Buffett rule.” And Jeff Bezos, through his ownership of The Washington Post, has a significant voice in the media space.
Elon Musk's approach, however, stands out for its directness and openness. He not only donates money but also directly participates in campaign rallies, using his social media platform to promote his political views.
Mr. Musk’s active involvement in politics raises questions about the role of the super-rich in democracy. Should one individual have such great power to shape public opinion and election outcomes? How should we balance free speech with the disproportionate influence that wealth brings?
As the US presidential election approaches, the role of the world’s richest man in US politics will continue to be a subject of interest and debate. His unique approach to using his wealth and influence could reshape how the public views the relationship between money and politics in the future.
Whether you support or oppose Elon Musk’s approach, there is no denying that he is writing a new chapter in the history of the influence of the richest people in American politics. Only time will tell whether this approach will become the new norm or be seen as an “anomaly” in American political history.