3 Money Moves Elon Musk Has Made That Prove the Ultra-Wealthy Live in a Different Economy
Written by
Laura Bogart
Edited by
Kristen Mae
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The rich and famous — they really aren’t like us. And Elon Musk, touted as one of the world’s richest men, definitely lives in his own stratosphere. Even casually glancing at a headline over the past several years would show how very “not like us” Musk really is.
From making cameos in Marvel movies to purchasing social media platforms and exerting powerful influence over the federal government of a country he wasn’t born in, Musk proves that the ultra-wealthy truly inhabit their own world. Many of Musk’s money-related moves prove that people in his tax bracket have a unique economic reality.
Record-Setting Political Donations
Every day, ordinary people use their wallets to help impact local, state, and federal elections they care about. Many contributors use small-dollar donations, or donations of $200 or less, to express their voice. In the 2024 election cycle, small donors played a significant role. As of November 2024, small-dollar donations under $200 accounted for approximately 28.8% of total donations to the Trump campaign, totaling about $133.6 million. Conversely, the Harris campaign raised about 40.7% of its funds from small-dollar donors, totaling approximately $468 million.
Meanwhile, Elon Musk emerged as the largest individual political donor in the 2024 cycle, contributing approximately $291.5 million to Republican candidates and causes, including Donald Trump’s campaign. In July, Musk pledged roughly $45 million a month — no, that’s not a typo — to a Trump-affiliated Super PAC, making him the largest individual political donor since at least 2010.
Musk has certainly gotten a lot for his efforts. The average donor often never sees the inside of the Oval Office, let alone has their child touch the Resolute Desk. Critics have charged that, because of his monetary contributions, he gets to spearhead his own government initiatives, a la DOGE.
Buying His Own Social Media Platform
Twitter was considered the digital “town square,” where news broke, people vented their opinions (often with varying degrees of hilarity), and brands tried to reach new consumers. Being a major shareholder in the company alone would have carried great influence, but Musk did more than that — he outright bought Twitter for $44 billion in late 2022, paying $54.20 per share.
His acquisition of the social media giant was controversial, to say the least, starting with renaming it X. With his purchase of the platform, Musk changed online free speech standards, including loosening content restrictions and reinstating banned accounts (including Donald Trump’s). He also dissolved the Trust and Safety Council.
By purchasing Twitter, Musk reshaped the public sphere online, sparking competition from other social media companies looking to attract users and advertisers. Musk’s wealth and influence have, in essence, prompted companies like IBM, Apple, Comcast, Paramount, Lionsgate, and Warner Bros. to rethink their digital ad strategies.
Influencing the Market
Part of the reason Musk’s acquisition of X was so significant is that it allowed him to exert even more influence over the markets. His posts on the platform, along with his public statements, have the power to move the stock market.
Beyond Tesla, Musk has had a major impact on cryptocurrencies like Bitcoin and Dogecoin. In 2021 alone, Bitcoin surged when Tesla announced that it would accept Bitcoin as payment — before crashing when Tesla reversed the decision, citing environmental concerns.
Musk has also been a champion of Dogecoin, referring to it as “the people’s crypto.” His tweets in praise of Dogecoin have helped to drive price surges for DOGE.
His influence as an eccentric inventor, “the real-life Tony Stark,” and perceived financial and business savvy have given Musk’s words — not to mention his money — a lot of power. His ability to move markets and impact federal elections demonstrates that billionaires do inhabit a world that is far removed from the average person.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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