Elon Musk's shocking political switch brings unexpected twists to US election race

At a packed Madison Square Garden rally in late-october‚ Elon Musk showed up in all-black outfit making an unexpected statement about his political stance

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The tech-savvy billionaire who once called himself a socialist now stands as one of Donald Trumpʼs strongest backers; giving away $1m checks to petition-signing voters and using his social-media platform X to support the republican candidate

The worldʼs richest person hopes to shape one of Americaʼs closest-ever elections - and possibly secure a high-ranking position in the future administration. During his rally speech Musk outlined plans for a new Department of Government Efficiency (nicknamed Doge) that would cut $2-trillion from federal spending

Economic experts dont agree with Muskʼs approach: his suggested cuts would remove about 8% of GDP and affect many government services. However some of his worries about US debt - which currently sits at 7% of GDP - match economists concerns

Muskʼs business interests play a big role in his political moves: his companies like SpaceX received $15-billion in government deals but he wants less regulation. The tech-mogul has fought with several agencies including:

• Federal Aviation Authority over rocket launches
• Federal Trade Commission about self-driving cars
• Federal Communications Commission regarding various matters

The billionaire and Trump share views on lowering interest-rates but differ on china trade policies. Musk also supports some non-traditional republican ideas like Universal Basic Income which he thinks will become needed due to AI development

If Trump wins this months election Musk might get his wish for fewer regulations - something he says is crucial for reaching Mars and developing self-driving cars. Though his vision of deep budget-cuts could bring major changes to Americaʼs economy