The US election and elevation of the Tesla boss could lead to big deal fees. The race is on to be his favourite consigliere
Wall Street consiglieri are readying for a rush of new business. Bankers who advise on capital raisings or mergers and acquisitions expect a deluge of fees as Donald Trump returns to the presidency. But some clients are suddenly more valuable than others. The potential snapback in deals is enormous. Global mergers are traditionally equivalent to around 20 per cent of US GDP in any given year, but in 2024 are around half that.
Since the election, Tesla’s market capitalisation is closing in on $1tn. With the president’s ear, Musk is an invaluable ally. In that race, Goldman may not be in pole position. The bank was once Musk’s go-to adviser: it lent him money, underwrote Tesla’s IPO in 2010, helped on several equity issues, and counselled him on a later-abandoned take-private plan in 2018. But when Musk made a hostile bid for Twitter, now X, Goldman was on the other side of the table.
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