Why Are People Congratulating Elon Musk for the 2024 Election Results?

Following the 2024 triumph of Republican president-elect Donald Trump in the early hours of Wednesday, Nov. 6, his supporters were, of course, thrilled — not least of all his high-profile backers like disgraced influencer Andrew Tate and X owner Elon Musk. The latter has supported Trump for a large portion of his political career and has become a right-wing figurehead over the past few years.

Since the results were released, folks everywhere have been congratulating Musk on Trump's win, from droves of social media supporters to even world leaders like Italy's prime minister, Giorgia Meloni. But why?

Aside from the bragging rights of his favorite candidate's victory, what does the billionaire stand to gain from the 2024 election results?

On Thursday, Nov. 7, right-wing Italian Prime Minister Giorgia Meloni congratulated her close "friend" Elon Musk for the results of the 2024 U.S. election.

The two have developed a close relationship over the past few months, and she took to X to share her praises of the world's richest man.

"In the past few hours, I have heard from my friend, Elon Musk," she said. "I am convinced that his commitment and vision will be an important resource for the United States and Italy, in a spirit of collaboration aimed at addressing future challenges."

Others on X have shared their congratulations, as well: "Congratulations to Donald Trump and Elon Musk for winning the election," one supporter wrote. "Tesla's stock price and $doge soared 12 percent to 20 percent!"

So why are people congratulating Elon Musk? What role will he play during Donald Trump's presidency?

While it's unclear as of writing exactly what role the billionaire will fill, his political influence over the incoming administration should not be underestimated.

During his post-election speech, Trump spent a large portion of time praising the “super genius." While he didn't go into specifics about what his financial backer's role will be throughout Trump's presidency, they have discussed it publicly before.

Per Forbes, Musk has previously stated that he would be interested in helming a “Department of Government Efficiency” (D.O.G.E., if you can believe it) "aiming to cut $2 trillion or more from the federal budget." Trump has also previously called him the unofficial “Secretary of Cost-Cutting.”

According to Forbes, one of the biggest benefits that Musk may have from Trump's impending presidency will relate to the legal issues that he is facing: "There are a slew of outstanding lawsuits and government probes against Musk and his companies, meaning he would likely enjoy the lighter regulatory climate floated by Trump."

These lawsuits and probes include "an appeal to reinstate his $50 billion bonus in Tesla stock struck down by a Delaware judge in January, an investigation into Tesla’s autonomous driving systems from the National Highway Traffic Safety Administration, and a reported warning from the Justice Department over the America PAC’s $1 million awards to certain swing-state voters."