Topline
Former President Donald Trump announced Thursday he’ll implement Tesla CEO Elon Musk’s recommendation for a new commission to identify ways to tamp down on government waste if he’s elected to a second term—and that Musk has agreed to lead the commission, the latest development in the Trump-Musk alliance.
Elon Musk is seen during Israeli Prime Minister Benjamin Netanyahu’s address to a joint meeting of … [+] Congress in the House chamber of the U.S. Capitol on Wednesday, July 24, 2024. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Key Facts
The commission will be “tasked with conducting a complete financial and performance audit of the entire federal government” and make “recommendations for drastic reforms,” Trump said in his speech Thursday at the Economic Club of New York.
Trump said Musk has agreed to lead the commission—Musk tweeted Thursday afternoon, “This is badly needed,” though he didn’t outright confirm he had accepted the position.
The group’s first order of business, Trump said, will be formulating a plan to “totally eliminate fraud and improper payments within six months.”
Musk has repeatedly raised the idea for such a commission, describing it as one that would ensure “taxpayers’ money . . . is spent in a good way,” and telling Trump he would be “happy to help out” during a live chat on X last month.
Trump and his advisers have been discussing for months the formulation of a group led by business executives that would comb government spending for excess, the Washington Post reported earlier this week.
In response to the Washington Post report, Musk wrote “can’t wait” and that there is “a lot of waste and needless regulation in government that needs to go” on X.
What We Don’t Know
Whether Musk would be able to serve given potential conflicts of interest that may arise with his business ventures. Entrepreneurs who take government jobs typically divest their shares and holdings. Trump has expressed interest in giving Musk a position in his cabinet, but has acknowledged the challenges, telling the Shawn Ryan Show last week “he wants to be involved, but look, he’s running big businesses and all that . . . so he can’t really.”
Tangent
It’s typical for presidential candidates on both sides of the aisle to propose a broad range of cuts, and while neither Trump nor Musk have identified which areas of government they want the commission to target for cuts, Trump gave an example of the controversial government jobs cuts made by Argentinian President Javier Milei during his X chat with Musk, saying Milei, who has praised Trump, “is doing really terrific.”
Key Background
Trump and Musk have developed an alliance as Musk has shifted to the right in recent years and spoken out vehemently against the Biden-Harris administration. Musk initially backed Florida Gov. Ron DeSantis in the 2024 presidential election, but endorsed Trump following the assassination attempt against him and helped found a pro-Trump super PAC, the America PAC.
Surprising Fact
The two didn’t always have an amicable relationship—Musk quit two of Trump’s business advisory councils during his time in the White House, shortly after Trump withdrew from the Paris climate change accord. Musk also suggested in 2022 Trump was too old to run for president again.
Forbes Valuation
We estimate Musk’s net worth at $253.6 billion, making him the wealthiest person on Earth, largely due to his stakes in Tesla and SpaceX.
Further Reading
Trump Expected To Back Elon Musk Policy Idea At Speech Thursday: Everything They’ve Said About Working Together (Forbes)
Trump Backs Idea Of Musk Joining ‘Government Efficiency Commission’ If He Wins Second Term (Forbes)
Trump Suggests He Would Give Elon Musk A Cabinet Position In Second Term (Forbes)