Elon Musk's embrace of former President Trump is poised to have a determinative effect on the Tesla, SpaceX and X boss' empire.

Why it matters: As the world's richest person, Musk is cozying up to someone who could soon become the world's most powerful person for a second time.

Driving the news: Musk, who officially endorsed Trump Saturday after the former president survived an assassination attempt, is now planning to donate $45 million monthly to a super PAC supporting Trump's campaign to return to the White House, WSJ reported.

Follow the money: Musk's empire was built with government support — and he has a vested interest in keeping it that way.

• SpaceX has lucrative contracts with NASA.
• Tesla — which landed a critical federal loan in its infancy to stay afloat — markets its EVs as qualifying for U.S. tax credits.
• X benefits from a legal shield in the form of Section 230 of the Communications Decency Act protecting social media companies from liability for user content.

Yes, but: If government support is a reason for embracing Trump, Musk hasn't said so.

• And what puzzles observers is that Trump's policies — he's bashed EV incentives and called for a crackdown on trade with China, a critical Tesla market — could actually bludgeon Musk's assets.

Musk's support, however, may put him in a position to guide policy, especially on China, University of Michigan business professor Erik Gordon tells Axios.

• "Certainly if there is a Trump administration, it will at least listen to Musk's arguments," Gordon says.

Musk and the Trump campaign did not respond to requests for comment.

The bottom line: Trump and Musk are closer than ever.

Go deeper

Philip Morris International plans to build a new factory in Colorado to make Zyn nicotine pouches.

Why it matters: The company is enjoying surging sales of the smokeless product.

• PMI — which is independent of Philip Morris USA owner Altria — bought Zyn owner Swedish Match for $16 billion in 2022.

Driving the news: The $600 million plant will be constructed in Aurora, Colorado, with plans to hire 500 workers.

How it works: Zyn is designed to be placed between the gum and upper lip for the user to absorb nicotine without swallowing, Axios' April Rubin reported.

• It doesn't contain tobacco leaf, but the FDA considers it to be part of the tobacco industry.

Zoom out: Critics warn that nicotine is addictive and can be a gateway to smoking — but advocates, including PMI, say it's a safer alternative to cigarettes.

🦹‍♂️ Amazon Prime Day began today — but consumer watchdogs say to watch out for scams. (AP)

⭐️ Gold prices hit a record high today. (Bloomberg)

🏀 New Balance signed a deal to become an official partner of the WNBA. (CNBC)

🤳 Match Group's stock surged after a report that hedge fund Starboard Value has taken a stake in the dating company. (WSJ)

Today we got more insight into the health of the nation's leading financial institutions via earnings reports:

💵 Bank of America: The company's stock rallied after it projected $14.5 billion in net interest income in the fourth quarter, up $600 million from its most recent period and, according to Bloomberg, topping expectations.

💰 Goldman Sachs: The bank's fixed income business came in higher than expected, while its provision for loan losses came in lower than expected, CNBC reported.

🏦 Morgan Stanley: The company's investment banking fees soared 51% amid signs that dealmaking is enjoying a resurgence, Yahoo Finance reported.

"Probabilities really matter when you're trying to make plans."