Elon Musk’s alliance with Donald Trump has been credited with the Republican’s win in the United States presidential elections.

During his victory speech at West Palm Beach in Florida on Wednesday, Trump said “A star is born, Elon,” referring to the Tesla CEO who had endorsed him on various occasions.

Following Trump’s win, Musk posted on the X platform, “The future is gonna be fantastic.”

According to Al Jazeera, the billionaire played a “pivotal role” in Trump’s win, by financially supporting the Republican’s campaign and acting as a policy advisor and promoter.

“Musk donated an estimated $132m to Trump and other Republicans in the run-up to the 2024 election, according to the Federal Election Commission (FEC) last month in its final disclosures before election day.”

“Two of the biggest donations — $43.6m and $75m — went directly into the Trump campaign machine, notably the America PAC (political action committee) established by Musk himself.”

Musk was one of US presidential candidate Donald Trump’s biggest backers, giving nearly $75m to help his bid to win back the White House, according to the Financial Times.

He contributed at least $119 million to a pro-Trump spending group, federal records show, and tirelessly touted the former president at the critical late stage of his campaign, according to Reuters.

His social media platform X served as a “MAGA mouthpiece” where Musk’s influence contributed significantly in favour of the Republican Party.

“The owner himself was accused of ‘fanboying’ Trump and spreading misinformation among his 200 million followers, his influence amplified by X’s algorithm,” Al Jazeera reports.

Influential personality Joe Rogan also endorsed Trump after his talk with Musk. Rogan said in a post on X, “He [Musk] makes what I think is the most compelling case for Trump you’ll hear, and I agree with him every step of the way.”

The Trump campaign called Musk a “once-in-a-generation industry leader” in a statement to Reuters, adding that the “broken federal bureaucracy will certainly benefit from his ideas and efficiency.”

Reuters cites sources who said that Musk’s alliance with Trump could work in his favour helping his companies through “favourable government treatment” and insulate from regulation or enforcement.

“Musk’s business interests — from Tesla electric vehicles to SpaceX rockets and Neuralink brain chips — depend heavily on government regulation, subsidies or policy.”

Due to increasing political involvement, his “ industrial empire“ can secure a position similar to the “Gilded Age, when industry barons such as JP Morgan and John D Rockefeller held broad sway over government policy impacting their businesses and wealth.”