What Trump’s victory means for future of Big Tech

Donald Trump is transitioning from former president to incoming president, having taken his MAGA 2024 campaign to shocking success.

More than $20 billion was invested in his presidential campaign, boosted by MAGA donors, breaking the record for the most political spending in a single election.

According to Open Secrets, a nonpartisan watchdog organisation tracking the influence of money on politics, most of these major donors were Republicans.

With Trump winning the 2024 US Elections, even they hit the jackpot.

Elon Musk’s support to Trump granted the X owner some extraordinary influence to help the tech world and his companies secure favourable government backing.

Musk, the world's richest person, contributed almost $119 million to the Trump campaign.

He supported Trump till the last stage of the campaign and, cheered him on all the way into Election Night.

Musk’s political moves are being seen as a part of a broader strategy to shield his companies from regulation and enforcement.

However, in San Francisco, home to Silicon Valley, tech workers usually vote for the Democrats.

While some tech leaders came out in support of Trump, Musk as well as other tech giants and capitalists bankrolled his campaign till the end of the election results.

Everyone in the tech world is now waiting for the impact of Trump’s second term, which comes at a time when social media platforms and tech firms are focusing on developing next-generation systems.

Trump’s first term was unpredictable, creating a struggling environment and chaos for the Big Tech firms.

Musk has done more than any other tech titan in America to help Trump to be elected.

He was not just among his biggest donors but also the highest-profile supporter on the campaign trail.

He transformed X, formerly known as Twitter, into a huge MAGA Movement, endorsing feeds with pro-Trump content and vouching for him through his social media network.

He will indeed become the most powerful businessman in the US with the government backing his ventures from Tesla electric vehicles to SpaceX rockets and Neuralink Brain Chips- all of them dependent on government regulation.

It is not just the Tesla owner volunteering and backing Trump, but many Silicon Valley business leaders are trying their best to be on the good books of the administration.

During Trump’s first term, many tech leaders and advisory councils challenged Trump’s policies which cost them dearly.

Many companies will avoid making such mistakes again.

Influential tech leaders notably refrained from commenting or making any confrontational statements during this election cycle, keeping past experience in mind.

A key discussion during Trump’s first term was on cryptocurrency, with the former president voicing his concerns about the sector.

However, over the years, the criticism changed to vocal support. Trump made various promises during his campaigns on various industry causes, in exchange for contributions from pro-crypto groups.

It can be safely assumed that in Trump's second term, the crypto industry will get favourable treatment.

Every issue that was a cause of concern during Joe Biden’s administration in terms of crypto may not be investigated further or could be dropped under Trump’s administration.

Crypto rates might skyrocket during his second term too.

Trump and his allies are also likely to get rid of everyone likely to cause worry about the big Silicon Valley tech companies.

Out of all the tech giants, only Google might be left, which may not benefit from a changing of the antitrust guard.

According to pro-Trump conservatives like incoming vice president JD Vance, the company is biased against conservatives and has become a punching bag of right-wing culture wars.

The only tech company that might be rooting for Trump’s victory is ByteDance.

Under a bill passed by Congress and signed into law in 2024, Bytedance was required to sell off its US operations or face a nationwide ban.

However, in Trump’s second term, this might not happen because Trump has pledged to save TikTok operations in the US.

His policies on trade, immigration and regulations forced tech companies to rethink their strategies.

In summary, Trump’s campaign showed just how technology can be shaped by politics.