Trump snubs Jamie Dimon, big business anticipates an M&A boom under
deregulation, and Tesla surges as Elon Musk’s government ties spark intrigue.
Jamie Dimon: Not the Treasury Material Trump Wants
Jamie Dimon might be the king of Wall Street, but Donald Trump
doesn’t seem interested in crowning him a seat at the Treasury table. The
JPMorgan Chase CEO, often touted as a financial wizard, is nowhere near Trump’s
shortlist. Why? Well, possibly because Dimon’s penchant for telling it like it
is doesn’t jive with Trump’s preference for unwavering loyalty and flatterers.
And perhaps also because he’s not a fan of Bitcoin.
JPMorgan Chase Chair and CEO Jamie Dimon responds to President-elect Donald Trump ruling him out for a post in the second Trump administration. Dimon speaks at the APEC CEO Summit in Peru https://t.co/5x8nh7xPO1 pic.twitter.com/zJucggRDVX
— Bloomberg TV (@BloombergTV) November 14, 2024
Dimon has previously been vocal in his criticisms of Trump’s
policies and leadership style, which likely sealed his fate as a persona non
grata in Trump’s inner circle. While some might have expected Trump to
prioritize experience and expertise for such a critical role, his past
appointments suggest otherwise.
Dimon, for his part, doesn’t seem heartbroken. He recently told
reporters, “That’s not my thing,” when asked about a government role.
Still, the snub underscores a broader trend in Trump’s governance: personal
grudges and political alignment often outweigh qualifications and merit.
Lina Khan in Trouble? Corporate America Dreams of M&A Heaven
If there’s one thing Wall Street loves about Trump, it’s the
promise of deregulation—and that promise is igniting dreams of a merger mania.
Corporate titans are salivating at the thought of fewer regulatory hurdles,
especially after years of grappling with Lina Khan’s aggressive antitrust
enforcement at the Federal Trade Commission (FTC).
The Biden administration’s antitrust warrior, FTC Chair Lina Khan, has some populist GOP support, but President-elect Donald Trump appears more focused on curbing regulations than corporate power. https://t.co/l450Rs0i1E
— The Washington Post (@washingtonpost) November 12, 2024
During Biden’s tenure, Khan made it her mission to scrutinize
mergers and acquisitions (M&As), putting the brakes on corporate
consolidation and sending a clear message: monopolies are out. But Trump, known
for his hands-off approach to corporate regulation, could flip the script
entirely.
Business leaders are already preparing for a landscape where the
FTC and Department of Justice might be less interested in blocking mergers and
more focused on letting market forces run wild. When Trump takes the reins
again, mega-mergers might well dominate headlines and boardrooms. For
consumers, though, it could mean higher prices, fewer choices, and even greater
consolidation of corporate power.
Khan might want to get on a call with Securities and Exchange Commission (SEC) Chair Gary Gensler, who
recently hinted that he might well be leaving the Commission. Gensler has
been famously tough on bitcoin and has suffered Trump’s ire in the past.
Elon Musk: Donald Trump’s Golden Boy?
Tesla’s stock isn’t just climbing—it’s soaring past rivals like
Ford and General Motors, and many are crediting Elon Musk’s chummy relationship
with government officials for the company’s unstoppable rise. While traditional
automakers are struggling with supply chain bottlenecks, regulatory hurdles,
and inflationary pressures, Tesla seems to be in a league of its own.
Musk’s close ties to Washington have not gone unnoticed. From
securing hefty government contracts to his frequent conversations with
policymakers, the Tesla CEO has positioned himself—and his company—as a key
player in shaping the future of the American auto industry.
Wedbush analyst Dan Ives said today he sees Tesla $TSLA hitting the $2 trillion mark under the 🇺🇸 Trump administration pic.twitter.com/NSkPj7Yg4U
— Evan (@StockMKTNewz) November 14, 2024
Some skeptics argue that Elon Musk’s perceived proximity to power
gives Tesla an unfair advantage, creating a dynamic where the company is less a
disruptive innovator and more an extension of the federal agenda. Whether you
see it as smart strategy or something more insidious, one thing is clear:
Tesla’s position at the intersection of business and politics is a major factor
in its meteoric rise.
For traditional automakers, this presents a conundrum. Competing
with Tesla means not just matching its innovation but also navigating a playing
field that increasingly feels tilted in Musk’s favor.
Trump’s Business Ecosystem: Chaos Breeds Opportunity
Donald Trump’s governance style has always been a mix of
unpredictability and strategic deregulation, and corporate America should be
able to capitalize on the chaos. Jamie Dimon’s exclusion from Treasury
considerations might seem like a minor slight, but it reflects Trump’s broader
approach: rewarding loyalty over competence.
Meanwhile, big business is gearing up for what could be a golden
age of mergers and acquisitions, fueled by Trump’s laissez-faire attitude
toward market consolidation. With fewer watchdogs on their tail, companies are
likely to seize the opportunity to expand their empires unchecked.
Finally, Tesla’s rise highlights the intersection of business
savvy and political alignment. Musk’s ability to navigate Washington’s
corridors of power has turned Tesla into more than just a car company—it’s a
symbol of how government connections can drive market success.
So, what are the lessons? Well, it seems clear. Be a loyalist, don’t
rock the boat too much. Expect a loosening of government strings and be ready
to take advantage of when it happens. And, finally, get a little chummy, and
play the political game. All of this seems more than a little obvious, perhaps it’s
because it’s all happening out in the open that so many eyebrows are rising…?
Whatever the takeaways, it’s clear that Jamie Dimon is on the out,
Elon Musk is in and Lina Khan might be perusing the job listings as we speak.
Perhaps Khan and Gensler can have a strategy session.
For more news around the edge of finance, visit our Trending section.
This article was written by Louis Parks at www.financemagnates.com.
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