Donald Trump's victory speech hails 'new star' Elon Musk after tech tycoon's billions help him win U.S. election

Donald Trump cruised to victory on Tuesday, boosted by a rising new star in the Republican Party: Elon Musk.

The Tesla CEO and X owner's aggressive efforts were critical to his return to the White House, as they helped spark a wave of support, particularly among young college-age males, who tend to vote Democrat. If their support helps the GOP keep a majority in the House of Representatives, Trump's party will have control of both legislative chambers and the president.

Tesla CEO Elon Musk is a rising force in the Republican Party after playing a pivotal role in helping Donald Trump get elected to the White House for a second time.

Samuel Corum/Getty Images

Musk supporters chanted his name during Trump's victory address early Wednesday morning, leading the president-elect to call him out for special appreciation. 

"Let me tell you, we have a new star," said Trump, who is projected to win the popular vote for the first time in three campaigns. "A star has been born—Elon. "He's an amazing guy."

Musk turned to X to celebrate their shared victory, posting a faked image of himself entering the Oval Office with the same prop comedy bathroom fixture he used to enter Twitter headquarters in October 2022. "Let that sink in," he wrote.

Tesla shares are projected to rise when markets open, as investors believe the Trump administration would end government probes and enforcement proceedings against the automaker, notably on its self-driving software. Tesla shares were trading 13% higher pre-market at the time of publication, representing an increase in market value of almost $100 billion.

Fundamental to Trump's campaign victory

It's difficult to fathom how the Republicans could have taken control of the Senate and the White House on Tuesday without Musk's support. The Tesla CEO jeopardized his personal brand by supporting the twice-impeached Trump, who stood by while protesters stormed the Capitol to overturn the 2020 election. 

Musk not only utilized his social media platform to spread the campaign's message and attack its opponents, but he also coordinated Trump's ground game to increase voter turnout. He even gambled by running a $1-million-a-day voter contest, which may potentially violate federal voting regulations.

Many first-time and frequent Republican voters hailed Musk on X for acquiring the platform and reinstating their ability to post after content moderators suspended their rights.

'Electrified' host Dillon Loomis, a Tesla shareholder and Trump supporter, went so far as to say that a Delaware chancery court justice selected by a Biden buddy may have indirectly contributed to Trump's victory. 

"It's wild to think that Judge Kathaleen McCormick (yes, that one), who forced Elon to close the Twitter acquisition, has unknowingly played such a large role in the outcome of this election," said the Musk supporter, concluding: "Don't. Bet. Against. Elon."

Many Republicans forget that Musk originally wanted out of his contractual arrangement to purchase Twitter for $44 billion in equity, which was financed mostly by huge stock divestitures carried out on the backs of Tesla shareholders.

If the court had not enforced the agreement, the platform might not have ended up in the hands of the world's richest man, who implemented new business rules that favored conservatives.

Musk's political journey to 'Dark MAGA'

Official biographer Walter Isaacson identified four pivotal occasions that led Musk to turn against the Democrats. 

These began with his political awakening during the initial round of COVID lockdowns. He refused to comply with instructions to close his Fremont facility in California's Alameda County.

A Democrat in the state legislature, enraged by his continuous disdain for worker safety, union busting, and intimidation of public employees, yelled "F*ck Elon Musk". The Tesla CEO saw her tweet and responded quickly with "message received". 

Later, Musk felt misled by the Biden administration, which ignored him at an EV meeting and persistently refused to acknowledge Tesla's status as the leader in electric vehicles. 

Senator Elizabeth Warren, for example, labeled him a "freeloader" and targeted his enterprises, which Musk believed were politically motivated.

Although Musk indicated in March that he would not donate to either campaign, he revised his stance following Trump's assassination attempt in Butler, Pennsylvania, in July. He would subsequently define himself as "Dark MAGA" and declare he had gone "all in" on supporting the former president.

"He's a super genius," Trump said during his victory address on Wednesday morning. "We need to defend our brilliance. We don't have very many of them."