{"id":59514,"date":"2024-11-07T16:06:34","date_gmt":"2024-11-07T16:06:34","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2024\/11\/07\/elon-musk-went-all-in-to-elect-trump-what-a-second-trump-presidency-could-mean-for-big-tech\/"},"modified":"2024-11-07T16:07:40","modified_gmt":"2024-11-07T16:07:40","slug":"elon-musk-went-all-in-to-elect-trump-what-a-second-trump-presidency-could-mean-for-big-tech","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2024\/11\/07\/elon-musk-went-all-in-to-elect-trump-what-a-second-trump-presidency-could-mean-for-big-tech\/","title":{"rendered":"Elon Musk went all-in to elect Trump. What a second Trump presidency could mean for big tech"},"content":{"rendered":"

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SAN FRANCISCO\u00a0\u2014\u00a0<\/span> On election night time, as Republican Donald Trump<\/u><\/a> inched nearer to reclaiming the U.S. presidency, some tech executives and enterprise capitalists rejoiced.<\/p>\n

\u201cThe folks of America gave @realDonaldTrump<\/u><\/a> a crystal clear mandate for change tonight,\u201d Elon Musk posted on his social media platform X, previously often called Twitter.<\/p>\n

The eccentric billionaire, who shared a Photoshopped picture of himself carrying a sink into the Oval Workplace, has been a vocal supporter of Trump<\/u><\/a>, who defeated Vice President Kamala Harris to win the White Home.<\/p>\n

The 2024 U.S. presidential election has been a wild experience, highlighting a divide between enterprise capitalists and tech executives \u2014 a few of whom spent hundreds of thousands of {dollars} backing Trump whereas others poured cash into Harris\u2019 marketing campaign. Either side argued the candidates they assist would profit the tech trade. <\/p>\n

Field Chief Government Aaron Levie, who backed Harris<\/u><\/a> and made the case the Democrat is pro-business, congratulated Trump on his win late Tuesday night time. \u201cWhat\u2019s nice about America is that we\u2019re on a rocket ship proper now and might preserve accelerating with the correct insurance policies and execution,\u201d Levie<\/u><\/a> posted on X.<\/p>\n

Musk stands to profit from a second Trump presidency. He runs corporations reminiscent of Tesla and SpaceX that maintain billions of dollars<\/u><\/a> in authorities contracts, however has additionally clashed with regulators. Trump mentioned he would make Musk the pinnacle of a brand new \u201cauthorities effectivity fee,\u201d sparking issues about potential conflicts of curiosity. As soon as important of insurance policies that profit electrical automobiles, Trump softened his tone after Musk endorsed him.<\/p>\n

Trump\u2018s and Harris\u2019 campaigns didn\u2019t reply to requests for remark.<\/p>\n

Right here\u2019s how a Trump presidency may reshape the tech trade:<\/p>\n

Synthetic intelligence<\/h3>\n

Trump plans to repeal President Biden\u2019s 2023 AI govt order, which goals to make sure companies develop expertise responsibly as a result of he thinks it hinders innovation. <\/p>\n

\u201cAs a substitute, Republicans assist AI Growth rooted in Free Speech and Human Flourishing,\u201d in response to a document<\/u><\/a> that outlines insurance policies he helps. <\/p>\n

There’ll most likely be some type of AI regulation below Trump, analysts say, however precisely what that may appear like is unclear.<\/p>\n

\u201cUnderstanding what you\u2019re going to be coping with actually issues for the enterprise group,\u201d mentioned Todd O\u2019Boyle, senior director of expertise coverage with the Chamber of Progress, a tech trade advocacy group. \u201cWe’re getting into actually uncharted waters.\u201d<\/p>\n

Underneath Trump, there might be \u201crejuvenated curiosity\u201d for state AI regulation, he mentioned.<\/p>\n

In California, lawmakers proposed a slew of AI-related payments this yr and O\u2019Boyle expects that may proceed. Gov. Gavin Newsom vetoed Senate Bill 1047<\/a>, a hotly contested invoice that aimed to require builders of superior AI fashions to undertake security measures. <\/p>\n

Trump may make a giant push into AI innovation, analysts say. As the usage of AI within the army rises, Trump\u2019s marketing campaign says he would \u201cspend money on innovative analysis and superior applied sciences\u201d partially to modernize the army, which might profit tech companies reminiscent of Palantir and Anduril Industries.<\/p>\n

Palmer Luckey, who based Anduril Industries and helps Trump, urged his followers on X to \u201cPokemon Go to the polls.\u201d As Trump moved nearer to victory on election night time, Luckey posted a photograph of Pok\u00e9mon character Ash Ketchum with a tear (apparently of pleasure) streaming down his face.<\/p>\n

\u201cIn terms of AI, what is going to rule is, if there\u2019s cash to be made, it\u2019ll be supported,\u201d mentioned Olaf Groth, college member at UC Berkeley\u2019s Haas College of Enterprise and chief govt of assume tank Cambrian Futures.<\/p>\n

Trump may additionally punish corporations that cross him.<\/p>\n

His marketing campaign has mentioned he would move a digital invoice of rights and laws to \u201cdrastically restrict the flexibility of huge social media platforms to limit free speech.\u201d Trump, who operates his personal his personal social media platform, Reality Social, has been important of Fb\u2019s mum or dad firm Meta Platforms and Google, accusing them of censoring his speech, allegations they deny.<\/p>\n

Citing competitors with China, Trump has proposed imposing tariffs so companies prioritize American suppliers. Previously, tech titans reminiscent of Apple<\/u><\/a> that rely closely on China to fabricate merchandise such because the iPhone and the Apple Watch have managed to get tariffs waived.<\/p>\n

O\u2019Boyle mentioned that the tech trade is \u201ctariffs skeptical.\u201d<\/p>\n

\u201cTariffs are a tax on customers,\u201d O\u2019Boyle mentioned. \u201cIt\u2019s laborious to see how tariffs are going to deal with the financial challenges within the nation. Tariffs gradual commerce. They create friction to commerce.\u201d<\/p>\n

Cryptocurrency<\/h3>\n

A few of Trump\u2019s vocal supporters embody traders and twins Cameron and Tyler Winklevoss, who co-founded cryptocurrency alternate Gemini, and have accused the Biden administration of making an attempt to destroy their trade.<\/p>\n

A Trump presidency is a \u201cenormous win for crypto,\u201d mentioned Daniel Ives, a managing director at Wedbush Securities.<\/p>\n

The Biden administration has proposed tax reporting requirements<\/u><\/a> for cryptocurrency brokers and issued an govt order in 2022 to crack down on cryptocurrency scams, fraud and theft. The manager order additionally mentions exploring the creation of a digital U.S. greenback.<\/p>\n

In his coverage doc, Trump\u2019s marketing campaign signaled he could be extra pleasant towards the cryptocurrency trade and roll again the Biden\u2019s administrations actions. Republicans oppose the creation of a digital U.S. greenback.<\/p>\n

\u201cTo the extent that the Biden administration was skeptical of fintech and crypto, it\u2019s an affordable guess that the Trump administration will reverse any fintech and crypto skeptical insurance policies that the Biden administration stood up,\u201d O\u2019Boyle mentioned.<\/p>\n

Antitrust and TikTok<\/h3>\n

U.S. regulators have been making an attempt to rein within the energy of tech heavyweights reminiscent of Meta, Amazon and Google, which the U.S. authorities is contemplating breaking apart after a federal choose declared that the search big has an unlawful monopoly on search. <\/p>\n

For all his issues concerning the energy of tech corporations, Trump signaled he\u2019s cautious about breaking apart Google. In an October interview<\/u><\/a> moderated by Bloomberg Information, Trump mentioned he would \u201cdo one thing\u201d however stopped in need of saying he would break up the search big.<\/p>\n

\u201cIt\u2019s a really harmful factor as a result of we wish to have nice corporations,\u201d he mentioned. \u201cWe don\u2019t need China to have these corporations. Proper now, China is afraid of Google.\u201d<\/p>\n

Some tech trade observers count on that Trump will identify a brand new Federal Commerce Fee chair, pushing Lina Khan out of the function.<\/p>\n

The earlier Trump administration pushed for Chinese language tech firm ByteDance to promote TikTok because of the U.S. authorities\u2019s safety issues with the favored video app\u2019s ties to China. Trump, who has raised free speech issues about banning TikTok, is likely to be open to permitting the tech platform to remain within the U.S. so it might compete with Google and Meta, analysts say. <\/p>\n

\u201cThe irony is, although Trump began the TikTok ban narrative, he\u2019s modified his tune considerably and would really assist TikTok throughout the U.S. with restrictions, and any speak of a ban would really dissipate for TikTok,\u201d Ives mentioned.<\/p>\n

In a video posted on social media in September, Trump mentioned, \u201cWe\u2019re not doing something with TikTok.\u201d<\/p>\n<\/p><\/div>\n