|3 min. read FILE - Elon Musk speaks before Republican presidential nominee former President Donald Trump at a campaign rally at Madison Square Garden, Sunday, Oct. 27, 2024, in New York. (AP Photo/Evan Vucci, File) (Evan Vucci / AP) Billionaire Elon Musk stands to benefit greatly from his ties with President-elect Donald Trump after the Tesla CEO became one of Trump’s most important supporters during the 2024 campaign. Tesla shares jumped 14% on Wednesday after Trump defeated Vice President Kamala Harris. Musk donated millions of dollars to Trump’s campaign. Trump has said he would establish a government efficiency commission headed by Musk to cut federal spending. Advertisement Shares of China’s BYD dropped 2.3% overnight. It is not clear how Musk will address his conflicts of interest in the auto, space, health, construction and artificial intelligence industries, or whether he will leverage the interests during a Trump administration that takes a hands-off approach to regulation. A role overseeing deregulation and cutting spending would give Musk “influence over U.S. policy on AI, space exploration and EVs — all which Musk has a direct interest in via Tesla and other ventures,” said Mamta Valechha, consumer discretionary analyst at Quilter Cheviot. Musk may try to wield his influence to reduce regulatory oversight of his businesses. He has been a vocal critic of federal review of his SpaceX rocket business and wants to speed up approval of his autonomous driving technology. Advertisement He is also a big proponent of carbon-free energy, as Tesla is a major supplier of solar systems and batteries. Trump has promised to kill the offshore wind industry and rescind all unspent funds under the Inflation Reduction Act — Biden’s signature climate law. However, Republican-dominated states have seen big gains from the law; Musk is building his second U.S. EV factory in Texas. By Nathan Gomes and Zaheer Kachwala in Bengaluru, Reuters Additional reporting by Harshita Mary Varghese, Writing by David Gaffen; Editing by Arun Koyyur and Alan Barona Advertisement