Elon Musk, the CEO of Tesla Inc TSLA, continues to harbor resentment against the Biden administration, even on the eve of Christmas, for excluding the electric vehicle giant from a pivotal White House event two years ago.
What Happened: On Sunday, Musk expressed his frustration on X (formerly Twitter), emphasizing the White House’s decision to exclude Tesla from a 2021 EV summit, and lauding General Motors despite it delivering significantly fewer electric cars than his company. This exclusion raised eyebrows, given Tesla’s global prominence in the EV space.
Musk responded to a post from the All-In Podcast, where venture capitalist and entrepreneur David Sacks discussed the Biden administration’s actions against Musk.
“Let's not forget the White House giving Tesla the cold shoulder, excluding us from the EV summit and crediting GM with "leading the electric car revolution" in the same quarter that they delivered 26 electric cars (not a typo) and Tesla delivered 300 thousand,” he tweeted.
Sacks highlighted the use of multiple federal agencies to target Musk on what he perceived as fabricated charges. The conversation focused on three main points: allegations of Musk building a glass house using company funds (which he has denied), criticism for not hiring enough refugees for national security roles, and the controversial decision to cancel $885 million in subsidies with SpaceX‘s Starlink, which Musk deemed “extremely unethical and politically partisan.”
See Also: Everything You Need to Know About Tesla Stock
Why It Matters: This incident isn’t the first time Musk felt snubbed by the Biden administration. Earlier this year, he was notably excluded from a meeting on artificial intelligence innovation, which featured CEOs from other U.S. companies.
In September, the billionaire entrepreneur even agreed with a Wall Street Journal op-ed that accused the U.S. government of unfairly targeting Musk with multiple regulatory investigations.
Musk, deeply involved in AI through Tesla and as a co-founder of OpenAI, ventured into understanding “the true nature of the universe” through xAI, a firm registered in Nevada this year.
Despite Tesla facing margin pressure from price cuts and stagnant market demand, some analysts maintain optimism about its trajectory. Wedbush analyst Daniel Ives predicts Tesla’s resurgence to a $1 trillion market cap in 2024, driven by anticipated gains in EV market share and margin stabilization.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next: Drone Footage Captures Accelerated Production Of Electric Vans At Rivian Factory
Image generated via AI on MidJourney
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
