Business
Elon Musk went all-in to elect Trump. What a second Trump presidency could mean for big tech
SAN FRANCISCO — On election night, as Republican Donald Trump inched closer to reclaiming the U.S. presidency, some tech executives and venture capitalists rejoiced.
“The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” Elon Musk posted on his social media platform X, formerly known as Twitter.
The eccentric billionaire, who shared a Photoshopped image of himself carrying a sink into the Oval Office, has been a vocal supporter of Trump, who defeated Vice President Kamala Harris to win the White House.
The 2024 U.S. presidential election has been a wild ride, highlighting a divide between venture capitalists and tech executives — some of whom spent millions of dollars backing Trump while others poured money into Harris’ campaign. Both sides argued the candidates they support would benefit the tech industry.
Box Chief Executive Aaron Levie, who backed Harris and made the case the Democrat is pro-business, congratulated Trump on his win late Tuesday night. “What’s great about America is that we’re on a rocket ship right now and can keep accelerating with the right policies and execution,” Levie posted on X.
Musk stands to benefit from a second Trump presidency. He runs companies such as Tesla and SpaceX that hold billions of dollars in government contracts, but has also clashed with regulators. Trump said he would make Musk the head of a new “government efficiency commission,” sparking concerns about potential conflicts of interest. Once critical of policies that benefit electric vehicles, Trump softened his tone after Musk endorsed him.
Trump‘s and Harris’ campaigns didn’t respond to requests for comment.
Here’s how a Trump presidency could reshape the tech industry:
Artificial intelligence
Trump plans to repeal President Biden’s 2023 AI executive order, which aims to ensure businesses develop technology responsibly because he thinks it hinders innovation.
“In its place, Republicans support AI Development rooted in Free Speech and Human Flourishing,” according to a document that outlines policies he supports.
There will probably be some form of AI regulation under Trump, analysts say, but exactly what that will look like is unclear.
“Knowing what you’re going to be dealing with really matters for the business community,” said Todd O’Boyle, senior director of technology policy with the Chamber of Progress, a tech industry advocacy group. “We are entering really uncharted waters.”
Under Trump, there could be “rejuvenated interest” for state AI regulation, he said.
In California, lawmakers proposed a slew of AI-related bills this year and O’Boyle expects that will continue. Gov. Gavin Newsom vetoed Senate Bill 1047, a hotly contested bill that aimed to require developers of advanced AI models to adopt safety measures.
Trump could make a big push into AI innovation, analysts say. As the use of AI in the military rises, Trump’s campaign says he would “invest in cutting edge research and advanced technologies” in part to modernize the military, which would benefit tech firms such as Palantir and Anduril Industries.
Palmer Luckey, who founded Anduril Industries and supports Trump, urged his followers on X to “Pokemon Go to the polls.” As Trump moved closer to victory on election night, Luckey posted a photo of Pokémon character Ash Ketchum with a tear (apparently of joy) streaming down his face.
“When it comes to AI, what will rule is, if there’s money to be made, it’ll be supported,” said Olaf Groth, faculty member at UC Berkeley’s Haas School of Business and chief executive of think tank Cambrian Futures.
Trump could also punish companies that cross him.
His campaign has said he would pass a digital bill of rights and legislation to “drastically limit the ability of big social media platforms to restrict free speech.” Trump, who operates his own his own social media platform, Truth Social, has been critical of Facebook’s parent company Meta Platforms and Google, accusing them of censoring his speech, allegations they deny.
Citing competition with China, Trump has proposed imposing tariffs so businesses prioritize American suppliers. In the past, tech titans such as Apple that rely heavily on China to manufacture products such as the iPhone and the Apple Watch have managed to get tariffs waived.
O’Boyle said that the tech industry is “tariffs skeptical.”
“Tariffs are a tax on consumers,” O’Boyle said. “It’s hard to see how tariffs are going to address the economic challenges in the country. Tariffs slow trade. They create friction to trade.”
Cryptocurrency
Some of Trump’s vocal supporters include investors and twins Cameron and Tyler Winklevoss, who co-founded cryptocurrency exchange Gemini, and have accused the Biden administration of trying to destroy their industry.
A Trump presidency is a “huge win for crypto,” said Daniel Ives, a managing director at Wedbush Securities.
The Biden administration has proposed tax reporting requirements for cryptocurrency brokers and issued an executive order in 2022 to crack down on cryptocurrency scams, fraud and theft. The executive order also mentions exploring the creation of a digital U.S. dollar.
In his policy document, Trump’s campaign signaled he would be more friendly toward the cryptocurrency industry and roll back the Biden’s administrations actions. Republicans oppose the creation of a digital U.S. dollar.
“To the extent that the Biden administration was skeptical of fintech and crypto, it’s a reasonable bet that the Trump administration will reverse any fintech and crypto skeptical policies that the Biden administration stood up,” O’Boyle said.
Antitrust and TikTok
U.S. regulators have been trying to rein in the power of tech heavyweights such as Meta, Amazon and Google, which the U.S. government is considering breaking up after a federal judge declared that the search giant has an illegal monopoly on search.
For all his concerns about the power of tech companies, Trump signaled he’s wary about breaking up Google. In an October interview moderated by Bloomberg News, Trump said he would “do something” but stopped short of saying he would break up the search giant.
“It’s a very dangerous thing because we want to have great companies,” he said. “We don’t want China to have these companies. Right now, China is afraid of Google.”
Some tech industry observers expect that Trump will name a new Federal Trade Commission chair, pushing Lina Khan out of the role.
The previous Trump administration pushed for Chinese tech company ByteDance to sell TikTok due to the U.S. government’s security concerns with the popular video app’s ties to China. Trump, who has raised free speech concerns about banning TikTok, might be open to allowing the tech platform to stay in the U.S. so it can compete with Google and Meta, analysts say.
“The irony is, even though Trump started the TikTok ban narrative, he’s changed his tune significantly and would actually support TikTok within the U.S. with restrictions, and any talk of a ban would actually dissipate for TikTok,” Ives said.
In a video posted on social media in September, Trump said, “We’re not doing anything with TikTok.”
Business
In a first for the country, voters in Monterey Park ban data centers
Residents of Monterey Park voted overwhelmingly to ban data centers on election day, making the San Gabriel Valley city the first in the nation to do so by public vote.
As of Wednesday, 86% of votes were in favor of Measure NDC, the city ban, according to the Los Angeles County registrar-recorder/county clerk.
Other cities and towns have passed moratoriums on data centers, as a wave of opposition sweeps the country. But the Monterey Park vote can only be overturned by another ballot measure, making it the most permanent data center ban in a jurisdiction.
Monterey Park’s City Council had already banned data centers by ordinance, after a proposed 247,000-square-foot data center met an outpouring of public anger and concern. The developer withdrew that plan.
That facility would have been less than 500 feet away from the nearest home, and would have used three times the electricity of the entire 60,000-person city. Residents said it would have caused noise and air pollution and driven up electricity rates.
“This ensures long-lasting protections for current and future generations,” Amy Wong, co-founder of the group San Gabriel Valley Progressive Action, said of the vote. “It means that future city councils cannot overturn a data center ban, even if data center developers wanted to spend money to fund pro-data center candidates.”
The measure had no formal opposition. The developer of the proposed facility, investment firm HMC StratCap, said it wouldn’t engage in the ballot fight when it withdrew in March.
The Data Center Coalition, an industry trade group, expressed disappointment in the vote.
“It sends a signal that the area is closed for business, both for data centers and for other significant economic development projects,” state policy director Khara Boender said.
“It deprives local residents of the opportunity to compete for jobs and investment, while also causing the area to relinquish substantial long-term economic investment, high-wage jobs, and critical tax revenue to neighboring areas or other states.”
SGV Progressive Action worked with hyperlocal groups including No Data Center Monterey Park to rally support for the measure.
The group is now focused on stopping data center proposals in the City of Industry and fighting a move by City of Industry, Santa Fe Springs, Vernon and City of Commerce to welcome data centers and other industry with fast-tracked permitting and tax incentives.
City of Industry, in the San Gabriel Valley, and Vernon, south of downtown L.A., are primarily industrial areas, each with around 300 permanent residents. They are employment centers, and tens of thousands of workers commute in daily.
There has been little vocal opposition to data centers among the few residents of these cities. Wong said the protest is primarily coming from the surrounding neighborhoods.
“If a data center gets built in City of Industry, residents across the region would bear the brunt of pollution and increased utility costs,” Wong said, noting that it is surrounded by 16 other cities and unincorporated communities.
Data center proposals have been limited in California compared to Virginia, Texas, Georgia, Illinois and Arizona, which sit at the center of a recent boom in hyperscaler facilities to power artificial intelligence.
California has the third-most data centers in the country, with 300, but high electricity rates, expensive land and regulatory hurdles mean that fewer, and smaller, facilities are currently planned than in other hotspots.
That doesn’t mean opposition hasn’t been fierce. In Coachella and Imperial County, residents are showing up in droves to protest local proposals.
In the San Gabriel Valley, Montebello, El Monte and Baldwin Park have all enacted temporary moratoriums, and Alhambra recently banned data centers as part of a zoning code update.
Wong said she hoped the ballot measure vote would galvanize the opposition. “The vote is a testament to the people power of our region,” she said. “Our region is worth protecting, and we won’t let data centers determine our future.”
Business
Rent-hike ban to protect fire victims ends despite gouging concerns
A rule intended to prevent rent gouging in the wake of the Eaton and Palisades fires has lapsed in Los Angeles County, possibly exposing some renters to hikes.
The executive order that blocked rent increases was issued by Gov. Gavin Newsom amid the devastating wildfires last year. Under the order, landlords couldn’t increase rents by more than 10% above their prefire levels.
The rule, which was supposed to be temporary and was repeatedly extended, ended Friday after a vote to extend it again failed to garner enough votes. Supervisor Lindsey Horvath, whose district includes Pacific Palisades, sounded the alarm in a motion to extend price protections that failed to pass at the Board of Supervisors’ May 19 meeting.
“These price gouging protections continue to be necessary as construction and rebuilding continue, and as thousands of people remain displaced,” the motion said. “Families which signed short-term leases could face drastic price increases of 50% or more without further price gouging protection.”
Los Angeles County is home to more than 1 million rental properties, though not all of them needed protection from the new rule. There are already stricter rent increase caps for many residences, depending on the location, type and age of the building. Despite the rent control in the region, the people of Los Angeles pay among the highest rents in the country.
It is uncertain whether renters will face rapidly rising rents now that the protection has lapsed. But some real estate experts and policymakers said there was no need for the temporary rule that was part of the governor’s state of emergency.
Supervisors Kathryn Barger, Janice Hahn and Holly Mitchell abstained from voting on the motion to extend the protection, while Supervisors Hilda Solis and Horvath supported it.
“I abstained because I did not see sufficient evidence to justify extending this emergency ordinance, nor did I see evidence to eliminate it entirely,” Hahn said.
Barger’s office said she supported allowing the protections to sunset while waiting to see whether new information emerged.
“Market data already shows countywide rents are only about 2% above pre-emergency levels and rental inventory has grown,” Barger representative Helen E. Chavez Garcia said. “The Supervisor is also mindful of the burden these ongoing protections place on small property owners throughout the county.”
Mitchell did not immediately respond to a request for comment.
There haven’t been steep rent hikes in neighborhoods within three miles of the Palisades fire, according to a Times analysis of data from Zillow, the property listing company.
In ZIP Codes within three miles of the Palisades fire, rent increased 4.8% from December 2024 to April 2025. In areas around the Eaton fire, which destroyed swaths of Altadena, rent jumped 5.2% in the same period.
In L.A. County, ZIP Codes farther from the fires saw only about a 2% increase.
A landlords representative, Jesus Rojas of the Apartment Owners Assn. of Greater Los Angeles, told the supervisors during public comment at the meeting that the county’s rent-gouging rules have “long outlived the emergency they were intended to address” and are now being “wrongfully used to harm thousands of rental housing providers throughout the county.”
“There is no proof that multifamily rental housing providers are hugely increasing rents for impacted homeowners,” Rojas said.
Indeed, there are strong signs that the property market in the Los Angeles area has at last begun to cool.
L.A. metro-area rent prices recently fell to a four-year low, with the median rent slipping to $2,167 in December.
Meanwhile, condominium sales had their slowest start of the year in decades. Condo sales in Los Angeles have plummeted to a 20-year low, with fewer than 2,000 units sold in January and February — the worst start to the year since 2005.
Newsom defended the price-gouging protections shortly after they went into effect.
“In the days following the Los Angeles firestorms, we worked quickly to protect Los Angeles survivors from any form of exploitation,” he said in February 2025. “The state has the tools in place to not only block price gouging during this emergency, but also to prosecute bad actors.”
The Los Angeles County Department of Consumer and Business Affairs said it received more than 2,000 complaints after the fires, alleging that retailers and landlords were taking advantage of people put in hardship by their losses, and sent out more than 2,000 cease-and-desist letters to businesses and landlords for alleged price gouging, said Morine Merritt, who oversees department investigations into consumer and real estate fraud.
“Close to 90% of the complaints that we received involved allegations of rent increases,” Merritt said in an interview. Now that the fire-related protections have expired, existing laws and “regular market conditions determine price increases for goods and services, including rents,” she said.
Crackdowns on fire-related rent gouging have been rare, said Chelsea Kirk of the activist organization the Rent Brigade, which analyzed L.A. County’s rental market in the year after the fires. It reported 18,360 potential examples of price gouging in listings but said that few lawsuits had been filed by authorities so far.
Last week, Rent Brigade announced what it said was the first private civil lawsuit brought by a family that claimed to be rent-gouged in the aftermath of the wildfires. Plaintiffs Randall and Candy Renick, whose Altadena home was damaged, said they were charged nearly three times the maximum permitted rate for nearly 10 months. They seek restitution of $96,000 plus civil penalties and attorneys’ fees.
The rental market has probably stabilized since the fires, Kirk said, but other families may still be “locked into illegal rents” that they agreed to pay when they were in a rush to find housing after they were displaced.
Business
Read Nick Bilton’s Letter to Scott Pelley
Dear Mr. Pelley:
I meant what I said in my letter last week to the 60 Minutes team: joining 60 Minutes is the honor of my career and I am grateful to be working alongside the people who have contributed to the most important television journalism brand this country has ever produced. While I’m new to 60 Minutes, I’ve devoted my career to investigative journalism and storytelling. I started this job excited to collaborate and to benefit from the wisdom and experience of the 60 Minutes veterans, with you among them. For that reason, one of the first things I did in my new role was call you to talk and invite you to dinner. It is a profound disappointment that you rejected that overture and chose ambush instead. Yesterday, you hijacked my first meeting with staff to disparage me, my qualifications, and my intentions with remarkable incivility and contempt. I welcome a diversity of viewpoints and respectful debate among the team, but this was nothing of the sort. Yesterday’s performative display of hostility enacted in front of the staff instead of in a civil, private conversation-demonstrated that you have no interest in contributing to the future success of the show, or approaching my new tenure with a mind open to collaboration and progress. I am here to deliver first-in-class news programming, not to make headlines about newsroom drama. I am eager to work alongside those who share this goal.
Despite yesterday’s misconduct, I had hoped that in sitting down with you today we could find a path forward together. You made clear that you are not interested in such a path.
Your antipathy to the future of the show has come through loud and clear. And I have heard you. I therefore write on behalf of CBS News, Inc. (“CBS”) to inform you that your employment with CBS is terminated for cause effective immediately. Enclosed is your formal termination letter.
Sincerely,
Nick Bilton
Executive Producer, 60 Minutes
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