Watch part 2 of CNBC's interview with Tesla CEO Elon Musk
Tesla CEO Elon Musk joins CNBC's David Faber to discuss the company's autonomous vehicle ambitions, the logistics behind them, AI, brand damage, China, Optimus robots, and much more.
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36 minutes ago
- Yahoo
LA protests inch Elon Musk back to President Trump
Last week, Elon Musk was calling for President Donald Trump's impeachment. This week, Musk is back to praising the administration, softening his tone after the two powerful leaders' very public breakup. The whiplash came as protests erupted in Los Angeles over actions by Immigration and Customs Enforcement officers and immigration raids. Over the weekend, Musk deleted some of his most incendiary X posts about the president, including the call for his impeachment and the allegation, without providing evidence, that Trump's name appeared in documents related to the crimes of convicted sex offender and financier Jeffrey Epstein. Musk appeared to wholeheartedly support the Trump administration's stance on the situation in Los Angeles, adding American Flags to a post from Vice President JD Vance about how the 'president will not tolerate rioting and violence.' Musk has long supported closed borders, stopping illegal immigration and deportations, in alignment with the Trump administration. The tech billionaire posted a screenshot of a Truth Social post from Trump that said California Gov. Gavin Newsom and Los Angeles Mayor Karen Bass 'should apologize to the people of Los Angeles,' as clashes have broken out, cars have been set on fire and demonstrations intensify. He also wrote 'cool' to a video of Vance speaking in an interview, saying he thinks 'if Elon chills out a little bit everything will be fine.' And the Tesla CEO re-followed White House Deputy Chief of Staff Stephen Miller, considered one of the lead Trump administration officials on immigration policy, whom he had unfollowed on Thursday in the midst of his blow up with Trump. The move was especially notable considering Miller's wife, Katie Miller, had recently left the White House to work with Musk full time and the couple had regularly socialized with Musk outside of work. That lead to gossip among White House aides and rounds of speculation about how the fallout could impact the political fortunes of one of the most powerful couples in Trump's Washington. Katie Miller did not respond to a request for comment. Musk at one point fact checked his own AI chatbot Grok, which appeared to confirm as authentic a viral image that seemingly showed Musk writing a post that appeared to say 'Just like I took your wife' in response to Miller. 'No, it's fake ffs 🤦♂️ I never posted this,' Musk wrote in response to Grok. That doesn't mean it was all back to positive vibes from Musk this weekend. He continued to speak out – albeit in a more subtle manner – against Trump's domestic policy bill that passed the House and is now being considered in the Senate. On Sunday Musk replied 'Correct' to a user who wrote 'Musk's fight with Trump is neither a stunt nor distraction.' The same day he also reposted an article from the satirical site The Babylon Bee, titled 'Republicans Announce Plan To Keep Doing Opposite Of What Everyone Voted For Them To Do.' Musk had blasted the president's sweeping 'One, Big, Beautiful Bill' last week, arguing it would undermine much of what his Department of Government Efficiency team had done to cut federal spending and the deficit. The Trump administration had denied that the bill would add to the deficit, despite numerous nonpartisan organizations saying it would add trillions of dollars to America's debt. But Wall Street analysts are so far breathing slightly easier – as they hope whatever delicate détente holds out. 'While we do not expect Trump and Musk to be back to their Mar-a-Lago connected at the hip days, it would not be a surprise to see Trump and Musk slowly mend the fences (with the help of intermediaries behind closed doors) over the coming months,' wrote WedBush analyst Dan Ives. '[A]t the end of the day Trump needs Musk to stay close to the Republican party and Musk needs Trump for many reasons including a green light on a federal framework for autonomous [vehicles].' Tesla's stock has recovered somewhat but still remains well below where it started Thursday before the public breakup.
Yahoo
36 minutes ago
- Yahoo
Opinion - The ‘big, beautiful' bill creates a $5 billion tax shelter for private school donors
The budget reconciliation bill passed by the House last month, the 'One Big Beautiful Bill Act, ' contains an unconventional provision establishing an unprecedented tax shelter designed to shift resources from public schools to wealthy people and private schools. The provision allocates $5 billion a year in federal tax credits for donors to organizations that provide private and religious school vouchers. While the bill cuts benefits for other charitable donations, it triples the tax benefit for private school voucher donations. This unique dollar-for-dollar rebate is something no other charity has ever gotten from the federal government. Other donors may be taken aback to learn that policymakers have singled out private schools for a reward three times larger than what can be received for gifts to pediatric cancer research, flood clean-up or assisting veterans exposed to chemicals. More alarming still, this provision creates a profitable tax shelter for wealthy people who agree to help funnel public funds into private schools. This is because rich donors will avoid the capital gains tax entirely if they make a gift of stock. Savvy tax advisors will instruct stockholders to avoid selling and to instead donate those holdings, getting a one-for-one return from the federal government — while avoiding hundreds of thousands or millions of dollars in capital gains taxes. This is the quintessential definition of a tax shelter, encouraging affluent people with no interest in school vouchers to direct contributions this way, not out of conviction but for profit. Usually, when policymakers do this, it is an inadvertent by-product of hasty legislative decisions, not an intentional giveaway. This, too, is a norm being broken with this bill. The provision expands vouchers nationwide, even in states — such as Kentucky, Nebraska and Colorado — where voters recently rejected vouchers at the ballot box. American voters have actually said no to vouchers in every state where they've been put on the ballot, which may be why voucher proponents are sneaking a big expansion into a must-pass federal bill. Vouchers, in addition to being unpopular, expensive. My organization, the Institute on Taxation and Economic Policy, estimates that this provision alone would as drafted reduce federal tax revenue by $23.2 billion over the next 10 years, or by $67 billion if it is extended beyond its four-year expiration date, as Republicans would likely attempt to do. Because state income taxes largely piggyback on federal law, this provision would reduce state revenue by between $459 million and $1.1 billion over the decade, depending on extension. Of the 10-year state and federal tax cuts from this provision, between $2.2 billion and $5.3 billion would be in the form of capital gains tax avoidance, depending on extension. Had this provision been in effect in 2021, for example, Elon Musk could have cut his capital gains tax bill by $690 million. In all, while cutting tax benefits for charities across the board, the reconciliation bill creates an unprecedented giveaway that would enrich the wealthiest Americans, particularly those whose income comes from stock. It would weaken public budgets and public schools, siphoning money to private schools that are allowed to reject many students. Combined with other enormous cuts to public programs and tax cuts for the rich, this is an untenable combination. Amy Hanauer is executive director of the Institute on Taxation and Economic Policy. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
37 minutes ago
- Yahoo
Mark Cuban Reacts to Elon Musk-Donald Trump Feud
The escalating public feud between Elon Musk and President Donald Trump has prompted a response from billionaire investor Mark Cuban. What Happened: Cuban's comment came during a brief exchange with TheStreet Roundtable on Friday. When asked about the Musk-Trump spat, Cuban simply replied, 'All I'll say is that I bought a bunch of popcorn.' The feud between Musk and Trump intensified this week after Musk publicly criticized Trump's administration over the 'One Big Beautiful Bill.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — In response, Trump threatened to terminate billions in government contracts with Musk's companies, including SpaceX and Tesla Inc. Musk further escalated the situation with a shocking social media post claiming that Trump is in the Epstein files. This revelation sent shockwaves across social media and markets, causing Tesla shares to drop by 14% and DJT, the stock tied to Trump's media company, to fall over 8%. Bitcoin also saw a near 4% slip. Despite the significant influence both Trump and Musk have in the crypto and tech markets, this public fallout has caught even their closest allies by It Matters: The feud between these two influential figures has the potential to impact not only their personal reputations but also the companies they represent. Musk's Tesla and SpaceX, as well as Trump's media company, are all at risk of financial repercussions due to this public spat. The significant drop in Tesla's shares and DJT stock following Musk's controversial social media post is a clear indication of the potential damage such public feuds can cause. Furthermore, the ripple effect on Bitcoin's value shows that the influence of these two figures extends beyond their respective companies and into the broader market. As the feud continues to unfold, investors and market watchers will be keeping a close eye on the potential fallout. Read Next: The average American couple has saved this much money for retirement — How do you compare? Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Image: Shutterstock/Kathy Hutchins UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Mark Cuban Reacts to Elon Musk-Donald Trump Feud originally appeared on Sign in to access your portfolio
