According to a poll by the AP-NORC Center for Public Affairs Research, Americans have an almost equally favorable opinion of President-elect Donald Trump and his ally, tycoon Elon Musk.
Elon Musk, dressed in a tuxedo and black tie, took the stage at President-elect Donald Trump's Mar-a-Lago resort shortly after the election with all the confidence of a winning candidate.
“The public has given us a mandate that could not be clearer, the clearest mandate. The people have spoken. People want change,” Musk told the audience of Trump’s biggest donors, campaign leaders and allies. “Let's shake things up. “It's going to be a revolution.”
Musk's association with Trump has created an alliance between America's most powerful politician and its richest businessman, and Americans have almost equally favorable views of each, according to a poll by the AP-NORC Center for Political Affairs Research. Public.
Experts are divided on whether this overlap in public opinion is good or bad for Musk's business or for Trump's politics. But it could have far-reaching effects in both areas.
Musk, whose net worth exceeds $400 billion, oversees six companies as he continues to work closely with Trump: electric car maker Tesla, social network xAI and tunnel operator The Boring Co.
“While there is a negative impact, in terms of potentially alienating some of your clients who might not be Trump fans, the benefits far outweigh any negatives when it comes to having a seat on Trump's right side in the White House,” said Dan Ives, an analyst at Wedbush Securities.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, identified himself as an investor in Tesla and driver of the new Cybertruck, Tesla's futuristic pickup truck that has received enormous amounts of attention but has also been the subject of safety concerns and multiple calls for repairs.
“Having a CEO who doesn't work at your company and is working on laying off government employees… as a shareholder, I'm paying someone not to work for my company,” he said. “As the owner of a self-driving Cybertruck that is terrible and doesn't work, it doesn't seem fair to me.”
But despite his skepticism, Gerber said he won't stop investing in Musk's businesses.
“I've made a lot of money with Elon,” he said. “I'm not in the business of investing based on the popularity of CEOs.”
Musk's acceptance is similar to Trump's
Elon is no more popular with Americans than the president-elect himself, and nearly half of the public views him unfavorably, according to the AP-NORC poll.
About 4 in 10 Americans have a somewhat or very favorable view of the world's richest person, very similar to the percentage who view Trump positively. Likewise, nearly half of adults have a somewhat or very unfavorable view of Musk, again, similar to Trump.
Instead, one political strategist said, Musk is the ideal validator for someone who cultivates an image of success in business and who has filled his Cabinet and key advisory roles with billionaires.
“Trump has always pushed this narrative that he is a successful developer and a very successful businessman. I think having Musk with him is his two-pronged bid for this business success, good for the economy, good for everyone who makes money,” said Christine Matthews, a national political pollster who has worked for Republicans. “In this case, Musk is seen as this successful, innovative, pioneering technology entrepreneur.”
Musk also has at his disposal X, the social network formerly known as Twitter that he bought and turned into a megaphone for conservative ideas. And having spent an estimated $250 million to support Trump in the election, Musk has signaled that he is willing to back Republican primary challenges to wavering GOP members of the House and Senate seeking re-election in 2026. in Trump's appointments and agenda.
Trump has charged him with leading a group to cut the size of the federal government and reduce the rule-making authority of the federal bureaucracy.
Musk retains a wide range of businesses
Tesla could make significant profits under the Trump administration, who has threatened to decrease subsidies for alternative energy and electric vehicles, possibly further hurting smaller competitors. Trump's plans to raise tariffs on Chinese imports make it less likely that Chinese electric vehicles will be sold en masse in the United States anytime soon.
Some analysts believe that the billionaire's role will create a very favorable landscape for Tesla in the coming years. Ives, the Wedbush Securities analyst, said Musk's relationship with Trump could “revolutionize Tesla's story, especially around robotics, artificial intelligence and autonomous driving.”
Investors, he said, are betting on Musk and see his political rise as a “champagne moment.” Unlike Gerber, Ives believes that ending the EV credit and removing subsidies from Detroit automakers Hyundai and other companies will only create opportunities for Tesla.
“I think Wall Street is starting to fully digest Musk's potential benefits,” Ives said.
Tesla shares closed at a record high on Tuesday, and much of the company's recent gains have come after Trump's victory. But Gerber feels that jump is because investors believe Tesla will have an advantage when it comes to autonomous driving because Trump could grant the company a national autonomy license.
However, he thinks Tesla will be the “biggest loser” from Musk's business because of Trump's promise to end the electric vehicle tax credit for automakers.
“For Tesla, I don't see much benefit in this,” he said. “Elon is misleading people by saying it hurts competition if credit goes away.”
Musk's other companies, including his artificial intelligence company, xAI, could reap the benefits of working within the Trump administration, he said.
“AI is a transformative investment that will create many regulatory and government issues, especially around security and information,” Gerber said. “There is a lot of benefit, from an AI perspective, to having Elon where he is.”
The relationship between the two men is unparalleled in American history, said David Nasaw, biographer of American business magnates Andrew Carnegie and William Randolph Hearst. He noted that Musk, at a different level than other tycoons, has relied on subsidies and favorable government decisions for his success from Tesla to SpaceX.
“He's a unicorn,” Nasaw said of Musk.