Published on: December 20, 2024, 04:26h.
Last updated on: December 20, 2024, 04:26h.
Elon Musk, the world’s richest man and a prominent figure in the Republican Party, has caught the attention of many. Musk is also playing a significant role in President-elect Donald Trump’s transition team.
Musk, along with businessman Vivek Ramaswamy, is leading the Department of Government Efficiency (DOGE), a proposed advisory commission aimed at cutting government expenses. Speculations suggest that Musk could potentially take on a more significant role within the Trump administration, possibly as a Cabinet member or even the Speaker of the United States House of Representatives.
Recently, Rep. Rand Paul proposed the idea of nominating Musk for the position of the Speaker of the House, even if he is not a member of Congress.
Paul stated, “The Speaker of the House need not be a member of Congress. Nothing would disrupt the swamp more than electing Elon Musk. Think about it… nothing’s impossible.”
Paul also expressed that having Musk as the second in line for presidential succession, after Vice President JD Vance, would bring joy to many Republicans and unsettle the “collective establishment.”
Decreasing Odds
On Kalshi, a peer-to-peer betting platform for political markets, Musk’s chances of becoming the next House Speaker have improved following Paul’s remarks.
Traders are now betting on Musk becoming the Speaker of the House with implied odds of 5%, up by 3% in the past 24 hours. Meanwhile, Mike Johnson (R-LA) remains the frontrunner with implied odds of 57%, despite facing a significant decrease in his chances due to Congress’s struggle to pass a spending bill.
Rep. Jim Jordan (R-OH) follows with implied odds of 17%, and Rep. Steve Scalise (R-LA) is at 12%. Rep. Tom Emmer (R-MN) also holds better odds than Musk at 4% to become the Speaker of the House.
Over $1 million has been wagered on the House Speaker outcome on Kalshi.
Polymarket, a cryptocurrency exchange, has nearly $21 million bet on the House Speaker outcome. Musk’s chances are trading at 2%, with Johnson leading at 61%, followed by Jordan (13%), Scalise (12%), and Emmer (9%).
While historically all House Speakers have been members of Congress, the Constitution only requires the Speaker to be chosen by the House of Representatives.
Co-President Musk?
Musk’s influence in Washington, D.C., and his close ties to the incoming president have stirred controversy among Democrats on Capitol Hill. Critics have referred to Musk as Trump’s “shadow president” and “co-president.”
Rep. Zoe Lofgren (D-CA) shared an image portraying Musk puppeteering Trump, while Rep. Maxwell Frost (D-FL) criticized the Republican Party for giving Musk undue influence, calling him an “unelected billionaire” and “co-president.”
Frost expressed, “[Republicans] have given him so much influence over every decision they make. Either they’re scared or they’ve bowed down and pledged allegiance to the richest man on Earth.”
In a statement in October, Musk expressed his openness to feedback on DOGE and government spending cuts.
Musk stated, “I want to know what the people want and what we should do, as opposed to me deciding on my own.”