The Beast and the White House: How Trump “Buys” Space X, Tesla and SpaceX to Make America Great Again
The presidential limousine known as “The Beast” wasn’t the one that President Trump stepped into on Tuesday.
That the president made such a public backing of a private company is unusual, and a possible ethical violation. The White House did not immediately respond to a request for comment on if ethics rules were followed.
Musk is also the head ofTesla and SpaceX, and even though he leads the government’s efficiency effort he also leads the private sector. Billions of dollars in federal contracts are given to his companies even as the administration cuts spending.
Richard Painter, former chief White House ethics lawyer under former President George W. Bush, said the display appears to violate federal rules prohibiting the use of public office for private gain, though those rules do not apply to the president.
“It looks like a way of saying this economy will be driven by favoritism,” Painter said. “It looks like government picking winners and losers, and the government saying, ‘Tesla is the winner.’ “
Trump, who has revoked Biden-era efforts to incentivize electric vehicles, said he’d pay for the car with a check, and would keep it at the White House for staff to use.
There have been attacks on the charging stations and cars of the company in recent weeks. Sales are down not only in the U.S., but across Europe, China and Australia, too.
On Truth Social, Donald Trump wrote that he was going to buy a new electric car from the company for confidence and support of founder and CEO, Musk. “Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???”
Musk sabotaged works for a cheaper vehicle. He canceled the company’s plans to build an electric vehicle, instead opting for a mass-produced, low-cost taxi. The cheaper version of the electric car, called the Model 3, was back on the table after some resistance, he said. Now, investors are worried that this new vehicle will be a bad deal for the company, as it will cannibalize Model 3 and Model Y sales.
But that was pre-DOGE, before the salute, and before the stock wipeout. The board ofTesla is feeling the pinch. Denholm and Murdoch sold millions of dollars’ worth of shares in the past month.
And even more are protesting outside Tesla showrooms as part of a grassroots effort to oppose Musk’s takeover of the federal government, damage the company’s stock price, and maybe even slash the world’s richest man’s net worth.
Musk talks about artificial intelligence but other people are operating real self-guided cars on the road. The Alphabet-owned company just launched its first partnership with Uber in Austin, Texas — Tesla’s headquarters and the city where Musk has said he plans on launching his own robotaxi project this summer.
Meanwhile, Kia and Volkswagen have announced plans to actually produce affordable EVs. And China has cracked the code on budget-priced, highly affordable EVs. The BYD Seagull, for example, was the country’s bestselling vehicle last summer with around 190 miles of range and a sticker price of around $10,000. Even with a 100 percent tariff, the Seagull would still sell for a price much cheaper than most US-made EVs.
Tesla Stock Sales: Is Tesla Cooked? An Empirical Comment on Tesla’s Last Three-Year Product Lifetime and the Pedestrian Problem
Meanwhile, Tesla’s only new model to be introduced in the last five years is the Cybertruck, which has been recalled seven times since its launch. Musk has said that frequent software updates obviate the need for a more regular cadence of model refreshes.
A lot of times you see people saying that the company’s vehicle lineup is getting a little long. The Model X turns 10 this year, while the Model S is pushing 15. Since their launch, both vehicles have only received minor updates. (A Tesla executive promised a refresh later this year.)
And unlike BYD, Tesla doesn’t sell any hybrid or gas-powered vehicles. It has nothing to be concerned about when consumers are worried about the future of electric vehicles.
He is the transportation editor with over 10 years of experience. His work has appeared in two newspapers.
Source: Is Tesla cooked?
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The wipeout has erased more than 800 billion dollars in market value. Musk’s own net worth took an over $100 billion hit. He is still the richest man in the world.