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Big Tech executives are courting President-elect Donald Trump ahead of his return to the White House as Tesla (TSLA) CEO Elon Musk has emerged as a significant figure in Trump's administration.
Stagwell (STGW) CEO Mark Penn joins Market Domination Overtime to share his take on Musk's role for Trump's second term and Trump's evolving relationship with Big Tech companies.
"I think it's super interesting that Elon Musk has really agreed to participate in a serious way in the administration and that the other kind of major tech executives are coming out," Penn says. "The financial innovation of the country is driven in large part by these companies and these incredible executives of these companies. So, it is a good sign, I think, that they're coming out well for this inauguration."
Penn expects tech companies will "get back to more open platforms ... [un]involved in government-related censorship" during Trump's second term.
When asked if Big Tech executives cozying up to Trump could be a defensive move, Penn says he views Trump's biggest policy priority that affects these companies as "overseas manufacturing breaks" with the main focus on China.
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Watch the video above to hear Penn's thoughts on Musk's emergence as a GOP political leader and more.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Naomi Buchanan.