Elon Musk, the South African-born tech and business titan, has spent at least $119 million mobilizing Donald Trump’s supporters to back the Republican nominee. His social media platform, X, has become a firehose of pro-Trump propaganda. And he’s playing a starring role in Trump-style rallies in critical battleground states.

Musk is hardly the only person whose megawealth places him at the nexus of politics, business and foreign policy. But few are working so publicly for a single candidate as Musk, whose expansive business ties and growing bravado pose a vexing test of one unelected person’s political power. His stature is perhaps one of the most tangible consequences of the Supreme Court’s...

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