Elon Musk’s side hustle with Trump is already paying off for Tesla
CNN
Elon Musk, the world’s richest person, will be taking on an official role to try to help President-elect Donald Trump make government more efficient. It will add yet another responsibility to an ever-growing to-do list for the increasingly distracted CEO and business leader.
Elon Musk, the world’s richest person, will be taking on an official role to try to help President-elect Donald Trump make government more efficient. It will add yet another responsibility to an ever-growing to-do list for the increasingly distracted CEO and business leader. Musk, chief executive of Tesla and SpaceX, owner of X and CEO of other ventures, including Neuralink, xAI and the Boring Company, is already a busy guy. Even if the Trump job is just a side hustle (the announcement said it’s kind of an advisory gig), it’s one more thing for Musk to do that isn’t running the world’s most valuable car company. But here’s the thing: Musk’s recent distractions may not ultimately matter for his (many) businesses. And there’s actually a strong case to be made that they’re paying off for investors. Tesla, Musk’s most valuable company, in recent years has struggled to maintain its dominance of the electric vehicle market. Sales slowed as Tesla faces increased competition on both the higher end and lower end of the market, and Tesla was recently overtaken by Chinese rival BYD for EV sales. Meanwhile, Tesla has faced numerous federal investigations over its self-driving technology, and the company’s long-promised autonomous “Cybercab” announcement last month included a number of pie-in-the-sky promises that sounded like a lot of fluff – even coming from notorious over-promiser Musk. But, for Tesla investors, that’s all been in the rear view mirror over the past week. Tesla’s (TSLA) stock has surged 31% since Election Day, because investors believe that Musk’s influence in Trump’s government will usher in an era of deregulation – particularly in key industries and technologies that could benefit the company. “The benefits of Musk’s involvement in Trump’s government outweigh the negatives,” said Dan Ives, an analyst at Wedbush Securities. “Tesla investors want Musk more involved in the Trump White House – not less – because of his influence on advancing AI, China tariffs and fast-tracking autonomous driving regulations.”
Artificial intelligence could widen the problem of income inequality, said BlackRock CEO Larry Fink in his annual letter to shareholders.
Stocks soared and oil prices fell after President Donald Trump on Monday said the United States would postpone further strikes on Iran’s energy infrastructure, pending the outcome of negotiations.
The national average price for a gallon of regular unleaded gasoline is on the verge of hitting $4 for the first time since 2022.
Oil prices rose Monday after the United States and Iran threatened fresh attacks on energy facilities in the Middle East, including power plants, signaling that the conflict may yet escalate.
The war in Iran is pushing up prices for already-strained farmers, with higher costs for fertilizer and energy on top of last year’s tariffs. And the increasing pressure on American agriculture could lead to even bigger price tags at the grocery store.
If you only watched Fox News over the weekend, you didn’t hear about President Donald Trump’s widely condemned reaction to Robert Mueller’s death.
Oil prices rose Sunday after President Donald Trump threatened to “obliterate” Iran’s power plants if the Strait of Hormuz is not reopened by Monday evening.
Defense Secretary Pete Hegseth has been taking steps to thwart news coverage of the Pentagon for more than a year. Now he has finally met some resistance.
Defense Secretary Pete Hegseth has been taking steps to thwart news coverage of the Pentagon for more than a year. Now he has finally met some resistance.
Gerald Rodriguez, the general manager of an NPR affiliate in rural Colorado, expected federal funding for public media to shrink. He didn’t expect it to disappear almost overnight.
The much-touted new tax breaks for tips, overtime, seniors and car loan interest have a lot of income tax filers expecting a big bump in their refunds this year – or a big cut in their tax bill.
Looking out his shop window, across the street, just to the right, Paloma Clothing co-owner Mike Roach sees one of Portland, Oregon’s, most expensive gas stations.
Oil and liquefied natural gas tankers moving through the Strait of Hormuz carry around 20% of the world’s supply. But for countries on the Persian Gulf, the waterway is more than just an energy route – it’s a lifeline for more than 100 million people.