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Trump allies are urging the White House to limit Elon Musk's media appearances after he labeled Social Security "the biggest Ponzi scheme of all time." Despite Musk's criticisms, the administration maintains that Social Security will remain intact, with no plans for cuts. Concerns are rising among lawmakers and constituents about Musk's influence, especially as he advocates for significant reforms in entitlement spending.
Elon Musk held a last-minute all-hands meeting at Tesla's Texas Gigafactory, urging investors to "hang on to your stock" amid declining share prices and emphasizing the potential of autonomous driving and the Cybercab. He announced plans to produce 5,000 Optimus robots this year, aiming for a "legion" of robots in the future, while noting he is "stretched pretty thin" managing multiple companies. Despite investor concerns over his political involvement, no employees raised political questions during the session.
Christopher Tsai, a significant Tesla investor, expressed concern over Elon Musk's involvement with the Department of Government Efficiency (DOGE), hoping it is temporary so Musk can refocus on Tesla. Tsai's firm holds 69,700 Tesla shares, making up one-fifth of its $137 million portfolio. Other investors, like Ross Gerber, share similar worries, citing Musk's distractions with AI and political activities as detrimental to Tesla's performance, which has seen a significant stock decline and sales drop in key markets.
Elon Musk is facing significant challenges, including a Tesla stock selloff and backlash over his role in the government initiative Doge, leading to a $22 billion drop in his net worth. Amid escalating protests and a cyberattack on his social media platform, Musk is doubling down on his political ties, recently appearing with Trump to promote Tesla, which has drawn mixed reactions and further protests against the company.
In a 2020 Oval Office meeting, Elon Musk reportedly called Donald Trump “a f***ing moron” while discussing a Tesla factory, highlighting their rocky relationship. Despite Musk's past support for Trump, tensions resurfaced when Trump criticized Musk's projects and behavior, leading to a complex dynamic between the two. Their relationship has seen ups and downs, influenced by Musk's significant donations to the GOP for the 2024 election.
Larry Kudlow emphasizes that President-elect Donald Trump is highly attuned to the stock market's performance. On his show, Kudlow highlights the importance of maintaining a positive market sentiment for Trump's administration.
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Trump allies urge White House to limit Elon Musk's media appearances
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