If Trump Wins, How Will Musk Affect Telecom Policy?
We don’t have to convince anyone that Elon Musk is totally committed to electing Trump and Congressional Republicans. We don’t have to convince anyone that given Musk’s level of support, Trump as well as many Republicans in Congress will be happy to have an FCC, NTIA, and other instrumentalities of the Federal Government in charge of telecom generally do what Musk wants. Still, the consequences of those two evident facts are the most underappreciated potential telecom policy consequences of the election. The question that investors should be considering is how will Musk’s influence affect government telecom policy? In this note, we answer the question by focusing on the three policies—BEAD, USF Reform and Spectrum—where Musk, through his ownership of Space X and Starlink, has the most to gain. In each case, Starlink’s gain is likely to be at the expense of incumbent providers, with the changes in the direction of policy being the most consequential since the 1996 Act.Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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