The Musk-Trump alliance: An examination of the factors driving the former adversaries towards a shared goal of winning the presidency.

• Elon Musk has expressed his support for Donald Trump in the 2024 election, despite their complex past relationship.
• Trump has consistently denounced climate change as a "hoax" and has been a vocal critic of electric cars.
• In 2022, Musk and Trump were engaged in a public feud, exchanging insults on social media, at political rallies, and elsewhere.

The keynote address of former President Donald Trump at the largest gathering of the year began an hour later than scheduled.

In Memphis, Tennessee, Elon Musk's private jet landed as the crowd of investors, enthusiasts and the crypto-curious grew increasingly antsy in Nashville.

On July 27, two weeks after surviving an assassination attempt in Pennsylvania, Trump was publicly endorsed by the CEO for a second term.

There were rumors circulating in Nashville's Music City Center all week that Musk might make a surprise appearance at the conference and possibly moderate a fireside chat with Trump.

Musk didn't show, but he was very much present.

"Elon is great, and Trump praised him during a speech. Although he endorsed Trump, not everyone needs an electric car."

In Nashville, Trump's comments about Musk were more restrained compared to his previous remarks at a rally in Michigan a week prior.

"I love Elon Musk because he's incredibly smart and he's made life good for us smart people. And he's as smart as you get," Trump said. "He gives me $45 million a month! C'mon. Not $45 million. He gives me $45 million a month."

He continued, "Other guys expect you to take them out for lunch and wine them over, even if they only give you $2."

What caused Trump's praise to be dampened between July 20 in Michigan and July 27 in Nashville? The answer is straightforward: On July 22, Musk denied the full extent of the pledge.

"According to Musk, what has been reported in the media about his monthly donations to Trump is not accurate. In a post on X on July 25, Musk clarified that his donations to the political action committee supporting Trump were at a much lower level than what has been reported."

The relationship between Musk and Trump is as volatile as their personalities. Over time, they have insulted and belittled each other, and have taken opposing positions on significant issues. However, in recent years, they have become admired by the far right, including crypto enthusiasts, and share a common goal of defeating Democrats in 2024.

The extent to which Musk is willing to financially support Trump's campaign against Vice President Harris is unclear. Musk established a super PAC called America PAC after endorsing Trump, but the amount of money he has contributed to the group is unknown. Additionally, the North Carolina Attorney General's Office is investigating the group for collecting personal data without fulfilling its promise to assist users in registering to vote.

The Federal Election Commission website indicates that America PAC has made limited financial contributions. According to federal filings, the total disbursements amount to $7.78 million, primarily for two transactions: $3.87 million to support Trump and the same amount to oppose President Biden.

Trump's social media commentary suggests that more information about their relationship will be revealed soon. He announced on Truth Social that he and the other person will be having a public conversation next week.

On Monday night, I will conduct a significant interview with Elon Musk. Further details will be provided.

No comment from Musk on this story. Trump campaign communications director Steven Cheung emailed, "Stay tuned! Very exciting stuff!"

'I don't hate the man'

In 2022, Musk and Trump were engaged in a public feud, with both men insulting each other on social media, at political rallies, and elsewhere.

"Time for Trump to retire and sail off into the sunset," Musk wrote in a 2022 social media post.

In the same year, Trump labeled Musk as a "bull---- artist," asserting that the tech entrepreneur had secretly supported him in the election.

It was evident that Musk wouldn't back a Biden reelection.

In 2020, Musk stated that he had voted for Biden, but the following year, the president did not invite Musk to an EV summit at the White House, where he met with executives from Ford and General Motors. Musk expressed his disappointment in a tweet, stating, "Yeah, seems odd that Tesla wasn't invited."

While Biden is a pro-labor president, Tesla is non-union and has violated federal labor laws.

In 2022, Musk hinted that he was leaning towards Ron DeSantis, the Republican governor of Florida, as discussions about the 2024 election intensified. DeSantis eventually launched his presidential campaign in a May 2023 livestream on X, which Musk owns. However, the stream with Musk and longtime friend David Sacks was a technical disaster, with numerous glitches. Despite this, DeSantis' campaign managed to gain some traction, but ultimately came to an end in January.

Trump praised Musk in an interview on CNBC's "Squawk Box" on Mar. 11, stating that he has been friendly with him over the years, he helped him when he was president, and he likes him.

"Trump stated to CNBC's Joe Kernen that he and others have differing opinions on electric cars, which he considers a minor issue. He expressed his support for electric vehicles but emphasized the need for various options. Trump also mentioned that EVs are expensive and will likely be manufactured in China."

Despite their differences on EVs, both groups are becoming more politically aligned. They share a common disdain for Vice President Harris, often referring to her as a communist. They also frequently lash out at anything related to DEI. Both groups are vocal in their opposition to transgender rights and the spread of false reports about non-citizens voting in U.S. elections.

Mark Fields, the former CEO of Ford, believes that Elon Musk's interests extend beyond politics. Musk's numerous companies, including Tesla, SpaceX, X, and xAI, could benefit from the support of the White House.

"According to Fields, in a recent interview with CNBC's Brian Sullivan, having a positive relationship with the president can bring numerous benefits, not only for Tesla's autonomy, AI, and robotics, but also for his other businesses like SpaceX. Fields suggested that the president could be persuaded to shift a significant portion of his business to Tesla if he were aware of Boeing's conviction as felons."

Tesla faces growing competition in a market where Trump has said he would place steep tariffs on goods from China.

According to Fields, Musk is aware that adopting a more confrontational approach towards China could benefit him in the US, as it is one of their largest and most lucrative markets.

'I have no choice'

Since gaining Musk's support, Trump has returned the praise.

At the Bitcoin Conference, Trump stated that he believed what he had done was exceptional.

In Atlanta on Saturday, Trump stated that he supports electric cars, explaining, "I must, as Elon strongly endorsed me."

For years, Musk has been shifting his political stance to the right, not only in the US but also internationally. He has formed connections with leaders such as Italy's Prime Minister Giorgia Meloni, Argentina's President Javier Milei, Brazil's former President Jair Bolsonaro, India's Prime Minister Narendra Modi, and recently visited Capitol Hill as a guest of Israeli Prime Minister Benjamin Netanyahu, who delivered a speech to Congress about the conflict in Gaza.

Although Musk publicly backed Trump, he has kept his promise not to give money to candidates this election cycle by contributing through a PAC.

Musk is promoting his preferred candidate to his 193 million followers using X.

On the day of Trump's speech in Nashville, Musk shared a video of Trump in West Palm Beach, Florida, where he announced plans to sign an executive order to cut federal funding to schools promoting critical race theory and transgender insanity.

A parody Kamala Harris campaign ad was retweeted by Musk, which features a voice that sounds like Harris saying she was chosen because of her diversity. Despite not being labeled as misleading, this appears to be a violation of the platform's rules.

Many in the tech industry are quickly rallying around Harris, with over 750 people in and around venture capital signing the "VCs for Kamala" pledge, which was first announced on July 31.

In an op-ed in the Financial Times on Monday, Mike Moritz, a legendary venture capitalist, criticized Trump's supporters in Silicon Valley, stating that they are "making a big mistake."

"Moritz wrote that he believes they are being seduced by the idea that their wealth will allow them to control Trump, and that they are also committing the error of believing Trump will fulfill his promises."

— CNBC's Brian Schwartz and Christina Wilkie contributed to this report.