Elon Musk’s Endorsement Of Trump Could Be A Grave Mistake For Tesla
Forbes Daily Briefing
Forbes
4.4 • 18 Ratings
🗓️ 26 July 2024
⏱️ 5 minutes
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Summary
The billionaire CEO’s embrace of the anti-EV presidential candidate threatens to politicize a brand that’s always sold best in California and, based on market studies, with Democrats.
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Transcript
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| 0:00.0 | Here's your Forbes Daily Briefing for Friday, July 26th. |
| 0:05.0 | Today on Forbes, Elon Musk's endorsement of Trump could be a grave mistake for Tesla. |
| 0:12.0 | During Tesla's earnings call this week, after the top electric vehicle maker posted disappointing results |
| 0:18.0 | with worse than expected revenue from its car business, |
| 0:21.0 | analysts and retail investors did not ask CEO Elon Musk the most obvious question. |
| 0:27.2 | Why did you announce your vocal support for Donald Trump for President when that could |
| 0:30.8 | politicize Tesla's brand for its mostly Democratic buyers. |
| 0:35.0 | Musk's only acknowledgement concerning the heated political campaign |
| 0:39.0 | was conceding that a second Trump administration would hurt Tesla's auto business if it makes good on ending |
| 0:44.7 | EV-related subsidies from the Inflation Reduction Act, which have provided big financial |
| 0:49.5 | benefits for Tesla and made its cars cheaper for consumers to buy. |
| 0:54.0 | Musk also conceded Tesla might not move ahead with plans for a plant in Mexico |
| 0:59.0 | as Trump has said he'd jack up import tariffs on autos made there. |
| 1:03.2 | Musk said, quote, |
| 1:04.9 | I guess it would be like some impact, |
| 1:06.5 | but I guess it would be devastating for our competitors. |
| 1:09.2 | It would hurt Tesla slightly. |
| 1:11.8 | On Wednesday, Tesla shares dropped 12.3% to about $215.99 in NASDAQ trading. |
| 1:19.2 | By midday Thursday, they'd climbed slightly back up. It should be noted that the Biden administration's legislation |
| 1:26.0 | seeks to do exactly what the world's wealthiest person once claimed was Tesla's purpose. |
| 1:30.0 | To quote, |
| 1:31.0 | help expedite the move from a mine and burn hydrocarbon |
... |
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