TechFlow news, October 28 — According to Bloomberg, Tesla CEO Elon Musk spoke at a Trump campaign rally held on October 28, 2024, at Madison Square Garden in New York City. Musk stated that if Trump wins the presidential election, he is confident he can help cut at least $2 trillion in federal budget spending. According to data from the U.S. Treasury Department, this amount represents roughly one-third of the $6.75 trillion in federal expenditures for fiscal year 2024.
In his speech, Musk emphasized: "Your money is being wasted. We will reduce government control over people and ensure government no longer impacts your wallet." Trump announced he would invite Musk to lead a new department called the "Department of Government Efficiency" (DOGE). However, analysts point out potential conflicts of interest, noting that as head of Tesla and SpaceX, Musk's companies currently benefit from federal electric vehicle subsidies and infrastructure investments.
Earlier reports indicate that federal filings show Musk has already spent $132 million supporting Trump and Republican candidates in the 2024 election cycle.
