Intervening in the boardroom alone no longer seems to be enough for a good number of CEOs who are becoming increasingly vocal about politics. The most prominent example is Elon Musk, who publicly endorsed Donald Trump during the 2024 US presidential election campaign and later accepted a government role offered to him by the newly elected president. Is Musk an exception, or does his foray into politics reflect a broader trend among CEOs? Could the growing political involvement of business leaders threaten democracy? And could similar dynamics emerge in Europe?
During the 2024 US presidential campaign, Musk’s support for Donald Trump was hard to miss. The Tesla boss threw his full weight behind the Republican candidate on his social media platform X and at campaign rallies alike.
As is well known, the “bromance” between the two men came to a sudden end after Trump’s election, with Musk’s political engagement having mixed effects on his image and on the companies he leads. Soon afterwards, another media-savvy CEO, Marc Benioff, voiced support for Donald Trump’s agenda. The Salesforce CEO and owner of Time magazine praised Trump for doing “a great job” as president and backed his intention to deploy the National Guard in San Francisco, before partially backtracking.
