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Trump suggested that the influence of Musk and DOGE may be waning, as public concern grows over the chaos linked to the cryptocurrency and Tesla's declining sales. Despite Musk's temporary government role set to end in May, a White House official indicated he would remain involved. Meanwhile, Tesla's stock has dropped significantly, reflecting a shift in consumer sentiment.
A significant influx of funding and political activity has characterized the elections in Wisconsin and Florida, with over $80 million spent on TV ads, primarily for the Wisconsin Supreme Court race. Elon Musk's super PAC has contributed $12.2 million to support candidate Brad Schimel, while early voting trends show increased Democratic participation in Florida's special elections. Republicans, despite concerns over fundraising, hold strong leads in these traditionally red districts, crucial for maintaining their narrow House majority.
Elon Musk has labeled a fire that damaged over 17 Tesla cars at a dealership in Rome as an act of terrorism. This incident is part of a troubling trend of attacks on Tesla vehicles across Europe, which Musk highlighted in a post on X, simply stating "terrorism."
Elon Musk stated that the Department of Government Efficiency (DOGE) could help curb inflation through cost-cutting measures, aiming for a 15% improvement in taxpayer spending. He believes that a combination of increased economic output and reduced budget deficits could stabilize prices, leading to a higher standard of living by the end of next year. Musk attributed inflation to government policies, describing it as an indirect tax on consumers, and emphasized that shifting resources from government to the private sector would enhance economic efficiency.
Elon Musk's net worth has plummeted by approximately $121 billion since December, now estimated at $337.7 billion, making him still the world's richest person. This decline coincides with widespread protests against him and Tesla, including the "Tesla Takedown" demonstrations, which have negatively impacted Tesla's stock, down about 45% from its December peak. Amidst these challenges, Musk has threatened legal action against protest organizers while facing scrutiny over the effects of new tariffs on the automotive industry.
Elon Musk's initiative to cut $1 trillion in federal spending could negatively impact the U.S. aerospace and defense sectors, according to UBS analyst Gavin Parsons. While $130 billion in savings has been reported, deeper cuts may affect companies in the iShares U.S. Aerospace & Defense ETF, and federal IT contractors may experience order volume slowdowns. Despite these challenges, there is potential for recovery in government IT stocks, which are currently trading about 20% below the S&P 500.
Elon Musk's favorability has dropped significantly, with a recent poll showing 49% of respondents viewing him unfavorably, a 10-point decline since February. This decline follows backlash over his leadership at the Department of Government Efficiency (DOGE), where concerns about federal worker firings and sensitive information access have arisen. Despite his plummeting approval, a majority of Americans still support reducing government spending.
The SEC is pursuing a $150 million lawsuit against Elon Musk, alleging he misled investors during his 2022 Twitter stock purchase. Musk has agreed to respond to the complaint by June 6, while contesting the validity of the service. He criticized the SEC's focus on this case amid other unpunished crimes.
Ashley St Clair, who claims to be the mother of Elon Musk's newborn son, sold her $100,000 Tesla after Musk cut her child support by 60%. She stated the sale was necessary to cover expenses for a full-time nanny, alleging Musk's actions were vindictive. St Clair filed a paternity and custody lawsuit after Musk reportedly asked her to keep the child's existence secret.
Ashley St. Clair, Elon Musk's alleged baby mama, sold her Tesla after Musk reportedly cut child support by 60% following her custody lawsuit. St. Clair claims Musk has only met their son, R.S.C., three times and has been financially retaliatory since her petition for sole custody. Musk acknowledged the situation, stating he has given her $2.5 million and will provide $500,000 annually, while expressing uncertainty about paternity.
Elon Musk
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