How will tech industry be under President-elect Trump?

Donald Trump’s 2024 reelection brings a notable shift, especially for the tech industry and particularly for high-profile businessmen like Elon Musk, the owner of X, Tesla and SpaceX, who may gain a role in the new administration.

Musk could possibly head a “department of government efficiency” aimed at trimming the federal workforce. He had previously promised to cut $2 trillion from the federal budget.

His influence may extend into space policy, autonomous vehicles and renewable energy, raising concerns about regulatory favoritism and national security risks.

Musk has spent millions and used his companies’ influence to support Trump. He is the second largest donor for the elections and gave over $118 million.

Apart from Musk and Co., the crypto industry benefits too
Trump’s administration is also expected to ease regulations on the cryptocurrency sector, benefiting Bitcoin and similar investments.

His likely replacement of strict regulatory figures like SEC head Gary Gensler will grant crypto companies more freedom, potentially boosting their market value.

Other corporations may gain, too
According to a post by Musk on X, the Federal Trade Commission Chair, Lina Khan, may be removed from her position. It is welcome news for big corporations, who have faced increased scrutiny from the FTC.

Social media and Silicon Valley’s shift rightward
In the social media realm, platforms may shift rightward as tech giants aim to align with the administration to avoid regulatory clashes. 

Search engine giant Google’s antitrust woes may continue since several GOP members, including to-be vice-president JD Vance, have criticized the company for being biased against conservatives.

Despite traditional Democratic leanings, Silicon Valley’s stance may turn purple as business interests increasingly align with Trump’s policies, marking a new chapter for tech-political dynamics over the next four years.