New Report: Trump Administration Has Benefited Elon Musk’s Businesses Across 25 Federal Agencies
October 30, 2026
Democracy Defenders Fund finds Musk’s companies received at least $10 billion in new federal contracts since he left DOGE, while federal agencies reduced fines, dropped enforcement actions, and eased restrictions on his businesses.
WASHINGTON, D.C. — Seventeen months after Elon Musk left the Trump administration, his companies have received at least $10 billion in new federal contracts, while 25 federal departments and agencies have taken actions benefiting or potentially benefiting his businesses, according to a new report released today by Democracy Defenders Fund. That amount is in addition to the estimated $6.3 billion in contracts his firms were awarded during his stint as a special government employee.
The report, “Trump and Musk, 17 Months Later,” finds that Musk’s net worth has more than doubled since he left DOGE in May 2025, growing from approximately $419 billion to between $900 billion and $1 trillion. Musk has also spent more than $445 million supporting Republicans during the 2026 election cycle, making him the largest known political donor in U.S. history. His unprecedented political spending, combined with the billions in government contracts awarded to his companies and favorable decisions by federal regulators, raises serious questions about whether the Trump administration is putting the interests of one of its biggest donors ahead of the American people.
The report states, “The central finding is that the current government ethics framework allows the world’s richest person—a major political donor and former government official—to earn billions from federal contracts while his companies receive favorable treatment across government. The same framework may leave room for other wealthy individuals to exercise comparable influence.”
Among the largest contracts identified in the report are two Pentagon awards to SpaceX worth $4.2 billion and $2.3 billion for the Golden Dome missile defense program. Both contracts were awarded through an accelerated process that bypassed many standard contracting procedures. The Pentagon imposed requirements so specifically tailored to SpaceX that some competing companies decided not to bid, raising concerns about whether other defense contractors were given a fair opportunity to compete for billions in taxpayer-funded contracts.
The report also details how federal agencies have repeatedly acted in ways that benefit Musk’s businesses. The Securities and Exchange Commission settled a case against Musk for $1.5 million after initially seeking $150 million over alleged securities violations related to his purchase of Twitter. The federal judge who approved the settlement questioned whether Musk was receiving preferential treatment. “The court is left to wonder whether the SEC will afford other alleged securities-law violators such solicitude,” wrote U.S. District Judge Sparkle Sooknanan.
Other federal agencies have also eased enforcement or intervened on behalf of Musk’s companies. The Occupational Safety and Health Administration reduced a $49,650 fine against Tesla to $9,900 following a worker’s death. The Justice Department attempted to block an NAACP lawsuit alleging that Musk’s xAI data centers violated federal clean air requirements. Meanwhile, the Federal Communications Commission granted a waiver allowing SpaceX to expand into the mobile phone market.
Not all Trump administration policies have benefited Musk’s businesses, however. The report also notes that the elimination of federal tax credits for electric vehicles and changes to vehicle emissions standards have hurt Tesla, while Trump’s tariffs have increased costs for the company, particularly its energy business.
Read the full report, “Trump and Musk, 17 Months Later,” here.
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Democracy Defenders Fund brings together a nonpartisan team to work with national, state and local allies across the country to defend in real-time the foundations of our democracy.
For media inquiries, contact press@democracydefenders.org.
