Musk, Elon

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      Why Trump’s Tesla Showcase Mattered to Elon Musk

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      A lot has changed since former President Joseph R. Biden Jr. snubbed Elon Musk at an event in 2021.It wasn’t so long ago that Elon Musk couldn’t even get an invitation to the White House.The year was 2021, and President Joe Biden was announcing tighter pollution rules and promoting his electric vehicle policies.Behind him on the lawn were gleaming examples — a Ford F-150 Lightning, a Chevrolet Bolt EV, a Jeep Wrangler — as well as the chief executives of the companies that made them. But the nation’s biggest electric vehicle producer was nowhere to be seen.“Seems odd that Tesla wasn’t invited,” Musk tweeted before the event.The Biden White House explained the snub by noting that the automakers that had been invited were the nation’s three largest employers of the United Automobile Workers, a powerful union, and it suggested that the administration would find other ways to partner with Tesla. (Union animus toward electric vehicles later became a problem for Biden.) But today, the moment is seen as a turning point in a feud between Musk and Biden that some Democrats say they have come to regret deeply.“They left Elon out,” said Mike Murphy, a Republican strategist who is working to get his party to embrace electric vehicles, “and now he hates ’em.”It was hard not to think about that episode yesterday when Musk and Trump lined up Teslas, including Cybertrucks, on the White House driveway and proceeded to rattle off their benefits like denizens of a suburban showroom.“I love the product,” Trump said.“Try it,” Musk said. “You’ll like it!”Musk now has the White House attention and promotion that he wanted several years ago — and with it, a pile of potential benefits for some of his companies — but it’s come at a price. He donated some $300 million largely through his own super PAC to help Trump get elected. My colleagues Theodore Schleifer and Maggie Haberman reported yesterday that he’s signaled a willingness to put another $100 million into groups controlled by Trump’s political operation.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk Seeks to Put $100 Million Into Trump Political Operation

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      Elon Musk has signaled to President Trump’s advisers in recent days that he wants to put $100 million into groups controlled by the Trump political operation, according to three people with knowledge of the matter.It is unheard-of for a White House staffer, even one with part-time status, to make such large political contributions to support the agenda of the boss. But there has never been someone in the direct employ of an administration like Mr. Musk, the world’s wealthiest person, who is leading Mr. Trump’s aggressive effort to shrink the federal government, the Department of Government Efficiency.Over the weekend, Mr. Musk traveled to and from Florida aboard Air Force One with Mr. Trump, and posted on his social media website, X, that he had dinner with Secretary of State Marco Rubio on Saturday night after some tense interactions earlier in the week.And on Tuesday, as Mr. Musk’s electric car company, Tesla, faced some violent protests around the globe, Mr. Trump made a display of having five Teslas brought to the White House grounds in a demonstration for the news media, and checked out the cars with Mr. Musk by his side. It was an extraordinary promotion of a company by the most powerful person in the federal government.“I think he’s been treated very unfairly by a very small group of people,” Mr. Trump told reporters, referring to Mr. Musk. “And I just want people to know that he can’t be penalized for being a patriot.”Mr. Musk and White House officials didn’t return a request for comment.Associates of both Mr. Musk and Mr. Trump have talked in recent days about Mr. Musk’s planned donation to a Trump-controlled entity. Mr. Musk has signaled he wants to make the donations not to his own super PAC, which is called America PAC and has spent heavily on Mr. Trump in the past, but to an outside entity affiliated with the president.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Attacks Give Zelensky a Popularity Boost in Ukraine

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      The Ukrainian leader’s approval rating is rising, and critics have backed off after he was humiliated and criticized by President Trump, who has also demanded new elections in Ukraine.President Volodymyr Zelensky of Ukraine was losing popularity at home for months, seen by many as a thin-skinned leader who had concentrated power around him. Political opponents saw an opening to win a future election against him. His former top general in the war against Russia had a higher approval rating.Enter President Trump. In recent weeks, he has echoed Moscow’s talking points on the war and called Mr. Zelensky a “dictator without elections” who “has done a terrible job.” Mr. Trump and his allies have demanded new presidential elections in Ukraine, despite the war, and humiliated Mr. Zelensky at a disastrous meeting in the White House.But Mr. Trump’s actions appear to have helped the Ukrainian leader at home.Mr. Zelensky’s approval ratings have risen, according to two recent polls, and his political opponents have said publicly that now is not the time for elections. Suggestions by political opponents and some analysts that Mr. Zelensky should share power and form a coalition government — a Ukrainian team of rivals — have not gained traction. And even if critics haven’t exactly rallied around the president, they haven’t outright attacked him.“Some people expected me to criticize Zelensky,” Petro Poroshenko, Mr. Zelensky’s predecessor as Ukraine’s president and a frequent needler-in-chief, said after the explosive meeting between Mr. Zelensky and Mr. Trump. “But no, there will be no criticism, because that’s not what the country needs right now.”Mr. Zelensky is still in a precarious position. He needs to somehow chart a path forward with a U.S. president who clearly wants to deal with a different Ukrainian leader.Mr. Zelensky has offered to step down in exchange for peace or Ukraine’s membership in NATO. Political opponents have agreed that elections cannot be held while the country is at war, because frontline troops and Ukrainians outside the country cannot vote. But given that Ukraine was to hold an election in spring 2024, they will probably push for one if a cease-fire is reached — likely long before a final peace deal is inked. And opposition politicians seem to be biding their time, despite public calls for unity.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Musk’s Tweet-Fueled Bubble May Be About to Burst

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      Elon Musk’s business empire may be starting to wobble.Over the past six weeks, the value of Tesla’s shares has plunged about 40 percent, wiping out virtually all they had gained after the 2024 election. This reversal reveals Mr. Musk’s soft underbelly: His fortune depends heavily on the inflated expectations of his rabid following. As those expectations deflate so will his power, demonstrating that financial markets are an underappreciated guardrail against both Mr. Musk’s and President Trump’s agendas.It is tempting to compare Mr. Musk to the true business titans of the past quarter century such as Apple’s Steve Jobs, Microsoft’s Bill Gates, Amazon’s Jeff Bezos, Meta’s Mark Zuckerberg, Nvidia’s Jensen Huang, and Google’s Larry Page and Sergey Brin. But those individuals created genuinely huge businesses that eclipse anything Mr. Musk has built by any possible metric. While Mr. Musk has built a car company from the ground up — no easy feat — his wealth is largely thanks to a financial cult, one in which legions of dazzled investor-followers have enabled him to launch an ever-growing list of disparate initiatives and provided immunity from critics who question his operational decision-making, his corporate governance, his obscene pay packages, and now his migration into the political sphere.The high-wire act goes something like this: Dream up a business so ambitious that any setback is trivial and every accomplishment heroic. Identify yourself as the manic genius behind this ambitious business in order to personally capitalize on outsize returns from excited investors. Enlist social media to cement your iconic status, keeping your believers so enthusiastic that their fervor beats back any skeptics who dare to bet against your ventures, even as you pitch more and more fantastical ideas. At this point you hit the flywheel: Other investors, searching for outsize returns, flock to the shares of your other companies, pushing their valuations ever higher, thus fortifying your wealth and burnishing your reputation as a business mastermind.If you’re lucky, this happens when investors are dreaming of alternatives to the poor returns available when interest rates are ridiculously low; magical thinking about the power of technology suppresses any worry about the risks of problems down the line; and retail markets are turning stock trading into something more akin to online gambling.Understanding this cult requires one to rethink what one knows about finance. Financial purists like to think of financial markets as neutral arbiters that merely record the value-creating activities of entrepreneurs. Financial pragmatists understand that prices need not always reflect value, as behavioral finance has demonstrated. But what if entrepreneurs can capitalize on these dynamics to manufacture fortunes and political power?This trick is precisely what Mr. Musk has mastered. His messianic status, which was birthed in the explosion of social media, created a powerful cycle of outsize returns on ventures that lead to investors providing him with more and cheaper capital to diversify his empire that, in turn, attracts yet more investors fearful of missing out. Skyrocketing Tesla shares have made fans and investors so devoted that all he has to do is mention a new ambition to goad them into buying even more. And the larger the stated ambition, the more wealth and power they hand him. So why not try for Mars? The final step in this process is to consolidate power in the political sphere to ensure that the outsize ambitions can be nourished forever. If Mr. Musk had played it well, his empire may have been impregnable.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Rage Against Elon Musk Turns Tesla Into a Target

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      Tesla charging stations were set ablaze near Boston on Monday. Shots were fired at a Tesla dealership in Oregon after midnight on Thursday. Arrests were made at a nonviolent protest at a Tesla dealership in Lower Manhattan on Saturday.The electric car company Tesla increasingly found itself in police blotters across the country this week, more than seven weeks after President Trump’s second inauguration swept Tesla’s chief executive, Elon Musk, into the administration as a senior adviser to the president.Mr. Musk, 53, is drawing increasing backlash for his sweeping cuts to federal agencies, a result of the newly formed cost-cutting initiative Mr. Musk has labeled the Department of Government Efficiency.During a demonstration on Saturday at a gleaming Tesla showroom in the West Village neighborhood of Manhattan, protesters joined in chants of “Nobody voted for Elon Musk” and “Oligarchs out, democracy in.” One held a sign saying, “Send Musk to Mars Now!!” (Mr. Musk also owns SpaceX.)Shots were fired at the Tesla dealership in Tigard, Ore., this week.Tigard Police DepartmentSeveral hundred protesters remained there for two hours, organizers said, blocking entrances and shutting down the dealership.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Department of Education Secretary Linda McMahon Says We Don’t Need the Agency

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      Education Secretary Linda McMahon delivered a stark message on Friday about the future of her agency. Asked on Fox News whether the United States “needs this department,” Ms. McMahon answered: “No, we don’t.”In the interview, her first since she was confirmed to her cabinet post this week, Ms. McMahon said that President Trump intended to sign an executive order aimed at closing her department, but she declined to give details on timing. She also did not address how the administration might persuade lawmakers to go along. The department cannot be closed without the approval of Congress.Such a move, in a closely divided Senate, would require support from Democrats, which appears unlikely after Ms. McMahon was confirmed along party lines. During the previous session of Congress, a proposal to eliminate the department failed in the Republican-controlled House when 60 Republicans voted against it.Asked about her message to parents and students concerned about what might happen should the department be eliminated, Ms. McMahon said, “We will see scores go up.”Republicans have pushed to close the agency by arguing that student test scores have not improved despite decades of funding from the federal government. Ms. McMahon has said she does not want to cut money for schools, but would rather deliver that funding to states with fewer restrictions.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      As Ebola Spreads in Uganda, Trump Aid Freeze Hinders Effort to Contain It, U.S. Officials Fear

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      Two more people are reported dead from the disease, and dozens are in isolation, as the outbreak grows.The Ebola outbreak in Uganda has worsened significantly, and the country’s ability to contain the spread has been severely weakened by the Trump administration’s freeze on foreign assistance, American officials said this week.The officials, representing a variety of health and security agencies, made the assessment during a meeting with U.S. Embassy staff in Kampala, the Ugandan capital, on Wednesday. An audio recording of the session was obtained by The New York Times.There have been two more deaths, the mother and newborn sibling of a 4-year-old who died last week, an American official said. The mother and sibling died earlier than the 4-year-old, but were not identified as probable Ebola cases until after they were buried through belated contact tracing.Eighty-two people have so far been identified as close contacts of the mother and her two children, at high risk for infection, and 68 of them are now in quarantine while the others are still being traced. The officials said public health workers’ ability to trace their contacts and conduct surveillance for new cases is severely hindered without U.S. assistance.Two of the contacts are already symptomatic and have been admitted to an isolation hospital ward, an American official in Uganda said in the meeting. The 4-year-old was taken for treatment at four different health facilities before being diagnosed with Ebola, meaning that many of those who have potentially been exposed to the virus are health care workers.During the meeting Wednesday, American officials said that the Ugandan government also lacked sufficient laboratory supplies, diagnostic equipment and protective gear for medical workers and people tracing contacts. The termination of grants from the U.S. Agency for International Development was impeding the ability to procure those supplies, one official said. The meeting, conducted by video, was attended by representatives from the State Department, U.S.A.I.D., the Defense Department, the U.S. Embassy in Uganda and the Centers for Disease Control and Prevention.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk Proposes Privatizing Amtrak, Calling Rail Service ‘Sad’

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      Almost since Amtrak’s creation in 1971, the 21,000-mile U.S. intercity passenger rail service has been fighting calls that it should be privatized.Now it may have met one of its most aggressive and powerful skeptics yet.Speaking at a tech conference on Wednesday, Elon Musk added Amtrak to the list of government-funded services on his chopping board, calling the federally owned railroad “embarrassing” and saying that privatization was the only way to fix it.“If you go to China, you get epic bullet train rides,” said Mr. Musk, the billionaire who is working to dismantle the federal bureaucracy under the Trump administration. “They’re amazing.”China’s trains, which are subsidized by the communist government and have produced large public debts, link every large Chinese city and run at speeds of at least 186 miles per hour. Amtrak’s northeastern Acela, the fastest American passenger train, tops out at about 150 m.p.h.“And you come back to America, and you’re like, ‘Amtrak is a sad situation,’” Mr. Musk said at the conference, which was organized by the bank Morgan Stanley. “If you’re coming from another country, please don’t use our national rail. It’s going to leave you with a very bad impression of America.”Mr. Musk, who has criticized an ambitious effort to build a high-speed rail system in California, has also called for the privatization of the U.S. Postal Service, a concept that President Trump has floated. The president has not called for privatizing Amtrak, and the White House did not immediately reply to a request for comment on Thursday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More