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Billionaire Elon Musk, an adviser to President-elect Donald Trump, expressed support for Howard Lutnick, CEO of Cantor Fitzgerald, as a potential U.S. Treasury secretary. Musk believes Lutnick would "actually enact change" in the role.
Musk's acquisition of X for $44 billion has left banks holding onto debt as they typically sell such loans to investors. His drastic changes to the platform, including significant layoffs and controversial posts, have deterred advertisers, increasing the risk of default and diminishing the debt's value.
Elon Musk's approach to government efficiency raises questions about his commitment to ending subsidies, especially given his reliance on them for Tesla's success. Critics argue that his philosophy overlooks the essential role of government in infrastructure and safety, while the broader economic implications of untaxed externalities highlight the hidden costs of fossil fuel industries. As Musk prepares for a significant role in governance, the challenge remains whether he can translate his bold statements into actionable policies.
NIO has partnered with Green Car to enter Azerbaijan, planning to begin deliveries in Q2 2025 while establishing a charging and battery swap network. Meanwhile, XPENG has launched in Nepal with CG Motors, opening its first showroom in Kathmandu and delivering 25 G6 electric cars, aiming to expand its sales and service centers significantly.
US Energy Secretary Jennifer Granholm warned that eliminating the $7,500 EV tax credit, as proposed by Donald Trump, would hinder the US electric vehicle market and cede leadership to China. The move could significantly reduce EV sales, including Tesla's, as consumers may opt for cheaper gas cars instead. This shift threatens the US economy's long-term competitiveness in the global auto industry, where Chinese manufacturers are rapidly gaining ground.
The incoming Trump administration is expected to repeal Biden's AI executive order, which established oversight and safety standards for model developers. This shift may lead to a chaotic regulatory environment, with states potentially creating their own laws, complicating compliance for companies. While some firms may benefit, the lack of federal support could hinder research and responsible AI practices.
Space stocks surged this week, with gains of up to 41% for companies like Rocket Lab and Intuitive Machines, fueled by a "Trump-Elon trade" rally and positive third-quarter results. Analysts highlight a shift towards newer space firms as legacy players decline, driven by lower costs and increased investor interest in the sector's growth potential. The incoming Trump administration's focus on space is expected to sustain this momentum, benefiting companies like Rocket Lab.
Two Democratic US senators have called for an investigation into Elon Musk's contracts with SpaceX, citing national security concerns linked to his reported communications with Russian officials, including President Vladimir Putin. They urged the Departments of Defense and Justice to assess whether these interactions necessitate a review of Musk's role in government contracts with SpaceX.
Democratic senators are urging a federal investigation into Elon Musk's communications with Russian officials, including President Vladimir Putin, citing national security concerns. They argue that Musk's ties to a U.S. adversary, while overseeing significant Pentagon contracts, raise questions about his reliability as a government contractor. The call for scrutiny comes amid heightened tensions between the U.S. and Russia, particularly in the context of Musk's role in the space industry and his security clearance.
SpaceX President Gwynne Shotwell emphasized the importance of competition in the space industry, noting that the satellite broadband market is vast and ripe for new entrants. With nearly 5 million Starlink customers and 7,000 satellites in orbit, SpaceX continues to dominate while developing the Starship rocket, which aims to replace Falcon 9 and Dragon. Shotwell expressed optimism about future growth and the potential for other companies to catch up.
Elon Musk
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