Could Elon Musk have his assets seized? Trump addresses protocol in place as midterm results loom
The midterm elections are finally here and many voters are taking to the polls to decide on who will sit in the House of Representatives and the Senate.
While all 435 seats of the House are up for grabs, only 35 of 100 seats in the Senate will be voted on today (November 3), due to senators serving six-year terms.
But with midterm results looming, President Donald Trump has addressed a protocol that is in place in case Democrats take control of Congress.
Appearing in an episode of the Pod Force One podcast, the US leader suggested that he would pardon Elon Musk.
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This came after host Miranda Devine asked the president about rumors that the tech mogul could be investigated and "have his assets seized".
In response to this rumor, Trump said: “It’s talk. But if it is talk, we’ll have to protect them.”
In the episode description, it details how Trump will become ‘Mr Veto’ and ‘pardon everyone’ if Democrats gain control of Congress.
It goes on to suggest that, ‘fresh off his final rallies’, the president is ‘wishing he had a third term’ in the Oval Office as he is set to leave government in January 2029.
Could Elon Musk see his assets seized?
There is currently no proposal in place for the government to seize Musk’s assets, although comments have been made the midterm results could result in such a situation.
This comes after Democratic lawmakers have indicated that they want to examine Musk’s role in the Department of Government Efficiency (DOGE), particularly how decisions were made to slash federal spending, reduce government jobs and review public contracts.
Investigators could also potentially look into whether Musk’s private companies, including Tesla and SpaceX, benefited from government decisions while he was helping oversee efforts to cut federal expenditure.
These firms heavily rely on government contracts and grants, which means changes in leadership in Congress could lead to increased scrutiny.
Musk has also been a fierce supporter of Trump and the Republican party, both vocally and financially, with the world’s richest man having spent hundreds of millions of dollars supporting Republican political action committees (PACs) during the midterm election cycle.
Musk has been closely involved with the government since Trump’s return to the White House in January 2025, when he headed up DOGE.
His involvement gave the billionaire considerable influence over federal cost-cutting efforts, despite not being an elected official.
Musk eventually stepped back from his government role in May 2025, but his time working alongside the administration has continued to attract scrutiny over transparency, access to sensitive government information and potential conflicts of interest involving his own businesses.
