San Francisco, CA – Prominent billionaire and owner of X and Tesla, Elon Musk, warned of potential economic turmoil under a second Trump administration. As the 2024 campaign season nears its end, Musk expressed concerns about the impact of mass deportations combined with government restructuring by Trump on the economy. He predicted a severe initial reaction, leading to market instability, followed by a rapid recovery towards a healthier economy.

Musk, a key supporter of Trump, has been actively campaigning for the former president. He has even proposed controversial schemes like cash-for-signatures and raffles for voters in swing states. Trump, in return, promises to appoint Musk to lead a government efficiency commission to cut wasteful spending.

During a virtual town hall, Musk elaborated on the need to reduce spending to achieve long-term prosperity, despite acknowledging the temporary hardships it might entail. Critics raise concerns about the potential consequences of Musk’s cost-cutting measures, citing his track record at X (formerly Twitter) where he significantly reduced the workforce and devalued the company.

The Trump campaign’s focus on economic prosperity has been a central theme, promising growth and prosperity to voters. However, economists caution that Trump’s proposals could have adverse effects, reigniting inflation and destabilizing the US economy. Plans for broad-based tariffs on imported goods are also met with skepticism, with experts warning of price increases and global market repercussions.

As tensions rise, Musk opposes Vice President Kamala Harris’ plans to increase taxes on billionaires, citing the threat it poses to his projects. Under a Trump administration, Musk would not only benefit from tax breaks but also hold a position of power where his decisions could impact Americans seeking economic stability. The future remains uncertain as the 2024 election approaches, with implications for both the economy and society at large.