Elon Musk’s self-destruction

The cost for Donald Trump of keeping the world’s richest man by his side is growing

March 11, 2025, Financial Times

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When Elon Musk said he loved Donald Trump “as much as a straight man can love another”, the emetic effect was widespread. Trump is one of the few people left in Washington DC who likes having Musk around. Yet having given Musk more power than any private figure in US history, the president is watching his benefactor turn into an albatross. The question is how Trump will get rid of Musk, not whether.

The price of having him as co-helmsman is already steep. The New York Times chronicled how Trump clipped Musk’s wings in a heated cabinet meeting last week. Cabinet heads, rather than Musk’s so-called Department of Government Efficiency, would take care of their own hiring and firing, Trump said. His White House had until then been notably leak free — in contrast to his first term. But it appears senior staff are keen to see the back of the chainsaw-wielding oligarch. The showdown had been set up with the aim of hastening that day.

A measure of Musk’s worry about his waning star is that his visit to Mar-a-Lago last weekend was not originally scheduled, say insiders. Moreover, Musk has tried to funnel millions more into Trump’s political action committees and been turned down. Trump is not known to refuse money. But it would look like Musk was buying his prolonged stay. His standing is dropping as fast as Tesla’s stock price. Trump’s approval rating has remained steady. With signs of a coming “Trump recession”, Musk may still be a useful lightning rod.

But that is the extent of his upside. His sway is mostly negative. There is not a Republican legislator or Trump principal who is not terrified of Musk’s power. A $50mn cheque to fund a primary challenge could end a senator’s career — $10mn for a legislator. Musk’s X, which is Maga’s informal state broadcast arm, could also destroy a cabinet member’s career. Officials now routinely issue press releases first on X. The secretary of state, Marco Rubio, first announced plans to pare back USAID on X.

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