Musk isn’t helping Trump out of the goodness of his own heart.Brandon Bell/Pool/AP
A news clip making the rounds Sunday morning had CNN’s Dana Bash talking with Chris Sununu, New Hampshire’s Republican governor, about Elon Musk’s potential conflicts of interest. Here, after all, we have a hecto-billionaire with massive federal contracts via SpaceX—and whose carmaker, Tesla, likely wouldn’t have survived without generous state and federal subsidies—serving as an advisor to an incoming president on how the government should be spending its money, or not.
Sununu told Bash he liked that Musk is an “outsider”—an interesting choice of words—who is “not looking for anything.” When she challenged that notion, he responded, “The guy is worth $450 billion” and therefore is “so rich he’s removed from the potential financial influence.”
“I don’t think he’s doing it for the money,” Sununu said. “He’s doing it for the bigger project and the bigger vision of America.” The exchange is worth a listen:
What this tells me is that Sununu doesn’t understand the mentality of excessive wealth and he probably shouldn’t be on the air talking about it. He’s correct, in one sense, that Musk is not doing it for the money. I mean, the guy could probably afford to buy Greenland. But “the greater project and the bigger vision”? That’s the sort of nonsense Col. Potter from the old TV series M.A.S.H. would have called “horse hockey”—among other things.
Musk is doing this for the power—the opportunity to dominate his peers. Let’s not forget that joining forces with Trump put Musk’s wealth, at least on paper, on a very steep upward trajectory. I haven’t done the math, but I’m pretty sure he’s now the richest person who has ever lived on our planet. He doesn’t need money to buy stuff. He needs it to nourish his narcissism.
I interviewed quite a few super-rich folks, and people in their close orbits, while researching my 2021 book, Jackpot, and we talked a lot about these kinds of matters. It became clear that, once a person attains a certain level of wealth, any further accumulation of assets is like a game. It’s all about score-keeping and social comparisons—and also maintaining one’s dynastic position by creating trusts to circumvent gift and estate taxes and pushing to maintain stupid loopholes like the discounted tax rate on carried interest, which even one private equity guy admitted to me was “bullshit,” though he was part of a group that made an annual pilgrimage to DC to lobby for it.
Here’s a abridged snippet from one of my interviews with Richard Watts, an attorney in Southern California who serves as a consigliere for some of America’s wealthiest families. Here he was talking about a conference he’d just spoken at—an annual shindig hosted by Mitt Romney and attended by loads of Fortune 500 CEOs and billionaires with names you’d know, in addition to former presidents and senators and other power players.
“I’m very well off, so I certainly don’t need to be working and doing all that stuff, and I’ve got a beautiful home down by the ocean. But when I spend the weekend with people that probably have a minimum net worth of $500 million, at some point I just have to leave, because you can feel in the discussion the measure is how big you are…
In those situations it’s always about what spectacular thing have you done, invented, created: What do you do? “Well, I own 35 mobile home parks free and clear, and we built them, and we’re going green with all of them. And it’s really been a great, wonderful thing.” And the guy’s 40 years old, and that’s a true story…
Now, if you’re Jamie Dimon, everybody kind of wants to see what you’re thinking and you know, “Hey, that’s a good guy. I want to be around him.” And then if it’s the governor of Maine, or let’s say it’s Mitt or it’s Paul Ryan, these are really interesting people. And the interesting thing is they kind of don’t want to have that discussion, but everyone has it with them. So, it’s like, “Hey Paul, since you’ve been out of the Speaker of the House, what is it you’re doing this year?” “Oh my god, I’m on the board of Fox News.” (And of course Murdoch was there lecturing as well.)
And it’s just this feeling that the only measure in the room—I don’t mean that they always stay this way, I’m just saying when they group together—it’s about who’s got the biggest boat, and I can say that in a lot of different ways that are nasty, but the biggest boat is pretty quickly identified.
One month prior to the election, Elon Musk’s estimated net worth was about $263 billion. Now, at year’s end, it is $437 billion. The “biggest boat” has been identified. It’s Elon and it ain’t even close. Musk would like to keep it that way. and his relationship with Trump helps him do that. So Sununu can spare us the “greater project” nonsense.
This is a dick-measuring contest, no more, no less.
