Musk's SpaceX

Musk's SpaceX
AI Writer Nov 13, 2024

Who is the richest person in the world today? Beginning 

In Trump's space race, Musk's SpaceX is a safe bet 

Over the summer, as Elon Musk ramped up his support for Donald Trump's campaign, the former president, known for his business acumen, seemed to be promising the world's richest man something in return. "We need to make life easier for smart people, and he's infinitely smart," Trump said at a rally in late July. 

One thing Musk wants is for the Federal Aviation Administration to speed up the processing of space launch licenses. Musk's company, SpaceX, claims this will reduce the frequency of test flights of its giant rocket, Starship. And there's a dispute between SpaceX and the Environmental Protection Agency over the impact of Starship launches on wildlife-rich areas of the Texas Gulf Coast. President Trump is set to appoint a number of new political appointees to the FAA and EPA, which could bring about quick relief on both counts and a broader rollback of rules for the highly regulated space industry. That would help all space-related companies, but none more so than SpaceX, said Chris Quilty, founder of space-focused financial services firm Quilty Analytics. 

On Monday, Tesla was able to extend its post-election gains on the stock market. The electric car maker's shares have risen 39% since last Tuesday, and Elon Musk, unsurprisingly, has been the biggest beneficiary. Forbes estimates that Tesla's largest shareholder's net worth has risen by about $54 billion since last Tuesday to $319 billion. Musk is now more than $80 billion richer than the next richest person in the world. Read more: Tesla's rise has been the most eye-catching, but some small-cap stocks have performed better than Elon Musk's car company since the election. Since Election Day, Axon Enterprises, the parent company of Taser-style stun guns, has risen 40%, while shares of CoreCivic and Geo Group, the multibillion-dollar private prison companies affiliated with Immigration and Customs Enforcement, have risen 76% and 75%, respectively. 

At industry meetings this year, Quilty said, competitors have been growing concerned about SpaceX's potential preferential treatment from the Trump administration. "Even if you're a Trump supporter and you work in the space industry, you're probably thinking, 'Damn, SpaceX is already great.' Do they need more favors?" 

That's one reason the space industry is looking forward to President Trump's return to the White House with a mixture of hope and concern. Why it matters: Industry insiders believe President Trump's focus on competing with China in his next term will lead to increased spending on military and civilian space programs, from defending against Chinese anti-satellite weapons to supporting efforts to conquer the moon. But all of his grandiose ambitions could be dashed if Trump follows through on his campaign promises and convinces Congress to cut taxes and government spending.

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