Cryptocurrency punters think President Donald Trump is most likely to pardon Elon Musk, as veteran investor Ross Gerber said the Republican midterm defeat could create problems for the world's richest person.

Trump Vows to 'Protect' Musk

The betting crowd on Polygon (CRYPTO: POL)-based Polymarket sees a 15% chance that Musk receives a presidential pardon before 2027, above jailed cryptocurrency fraudsters Keonne Rodriguez and Ryan Salame.

Under U.S. law, a president can issue a pardon for federal offenses even before formal criminal charges are filed.

Trump said Monday he would "protect" the Tesla Inc. (NASDAQ: TSLA) and Space Exploration Technologies Corp (NASDAQ: SPCX) CEO if Democrats pursued efforts to arrest him after the midterm elections.

Sen. Adam Schiff (D-CA) hit back, saying that Trump wants to give his cronies and enablers "blanket immunity" for any criminal conduct.

Tough Time Ahead for Musk?

Musk also invested heavily in the 2026 midterm elections, with an estimated $474 million spent to help the Republican Party.

Contrary to expectations, most of the candidates Musk supported lost their races. A Democratic majority could likely mean that Musk could face congressional hearings moving forward.

Newly elected Senator Abdul El-Sayed recently said that Musk should be held accountable, especially for how the Department of Government Efficiency operated.

Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a prominent Tesla investor, said that the Republican defeat is "probably the worst possible outcome" for Musk.

Price Action: SpaceX shares closed 3.81% lower at $135.92 on Wednesday. Tesla stock closed 3.34% lower at $385.19.

SPCX's price trend remains weak in the short, medium and long terms, according to market data.