Could Elon Musk's unlikely bromance with President Trump save solar?

President Trump has nominated the former chief executive of ExxonMobil for secretary of state, dismissed climate change as a hoax, and created pervasive concerns in the clean energy industry about the future of federal subsidies. Yet, shares of electric automaker Tesla, which recently merged with solar energy panel manufacturer SolarCity, have soared since Trump took office. This week, The New York Times reported, Tesla closed "within striking distance of a record high."
That may all be thanks to Tesla and SolarCity founder Elon Musk's strategic relationship with Trump. Musk hasn't always been a fan of Trump — he once said Trump was "not the right guy" to be president — but Musk now seems set on making a bromance bloom, and Trump isn't disinterested:
The president-elect invited Mr. Musk to Trump Tower in December as part of a group of technology executives and named him to his strategic and policy forum of business leaders.And Mr. Musk was with a group of manufacturing executives at a White House meeting this week at which, according to a participant, he broached the subject of a carbon tax. Surprisingly, Mr. Trump didn't reject it out of hand.For his part, Mr. Musk this week endorsed Rex W. Tillerson, a pillar of the fossil fuel establishment as chief executive of ExxonMobil, for secretary of state. [The New York Times]
The relationship isn't totally out of left field, said Adam Jonas, an automotive analyst at Morgan Stanley who recently upgraded Tesla stock to "overweight." "When you look at the businesses Tesla is in, you see many areas of overlapping interest," Jonas told The New York Times. "To the extent the new administration prioritizes the creation of valuable, innovative high tech, and manufacturing jobs, Tesla stands at the epicenter of that." Trump's interest in jobs creation might be the leverage Musk needs to save federal subsidies.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Already, solar investors' concerns are starting to abate. But can a bromance really save the day? "I want to believe that Trump won't kill solar," said alternative energy analyst Andrew Hughes. "But there's still a lot of uncertainty."
For more on the story, head over to The New York Times.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published