Latest news with #DOGEOffice
Time of India
26-05-2025
- Automotive
- Time of India
NYU professor Scott Galloway on Elon Musk: ‘He is a brilliant guy, but he's alienated…'
Elon Musk 's close association with the White House's cost-cutting DOGE Office and his public support of Donald Trump have driven a dramatic backlash against the tech billionaire and his companies, particularly Tesla . NYU marketing professor Scott Galloway calls it 'one of the greatest brand destructions of all time'. Speaking on the Pivot podcast with co-host Kara Swisher, Galloway said Musk's political affiliations have severely damaged Tesla's reputation. 'Tesla was a great brand,' Galloway said. 'The rivers have reversed and the tide has turned entirely against him.' Citing the latest Axios Harris Poll, Galloway noted that Tesla fell from eighth in 2021 to 95th in 2025 on the list of America's most visible companies—a sharp fall attributed to Musk alienating Tesla's core demographic. 'He is a brilliant guy, but he's alienated his core demographic,' Galloway said, adding 'He's alienated the wrong people. Three-quarters of Republicans would never consider buying an EV'. 'So he's cozied up to the people who aren't interested in EVs.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Musk ties with Trump impacts Tesla stocks Musk became a prominent backer of Trump's presidential bid and later assumed a high-profile role with the DOGE Office, which aims to reduce government spending. While this boosted his appeal among conservatives, it triggered boycotts, protests, and a downturn in Tesla's public image. So much so that Tesla investors called for Musk's exit from the EV company. Tesla's financial performance has also taken a hit. In April, the company reported a 71% drop in earnings per share year over year, amid growing consumer protests at dealerships and showrooms. Elon Musk 'recommits' to Tesla Amid criticism, Musk announced during a recent Tesla's earnings call that he would step back from his role in DOGE to refocus on Tesla and his other ventures. On May 24, the X owner shared a post after a service outage stating 'Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on X/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out. As evidenced by the 𝕏 uptime issues this week, major operational improvements need to be made. The failover redundancy should have worked, but did not'. He doubled down on that stance during an appearance at the Qatar Economic Forum on Tuesday, stating he would spend 'a lot less' on political campaigns going forward. 'If I see a reason to do political spending in the future, I will do it,' Musk added. 'I do not currently see a reason.' Pixel 9a vs Pixel 9: Same Google Magic in half the price?
Yahoo
20-05-2025
- Business
- Yahoo
Elon Musk says he'll do a 'lot less' political spending in the future
Elon Musk said he'll cut back on political spending and that he's "done enough." During an interview on Tuesday, Musk said he didn't see a reason to spend right now. Musk is seen by some as a political liability for Republicans after spending enormous sums in 2024. Elon Musk said his era of enormous political spending is over — at least for the time being. The world's richest man said during a video interview at the Qatar Economic forum that he thinks he's "done enough" when it comes to political contributions. "In terms of political spending, I'm going to do a lot less in the future," Musk said. He didn't directly answer when asked if he was making the change because of blowback. "Well, if I see a reason to do political spending in the future, I will do it," Musk said in response. "I do not currently see a reason." He's previously said that his super PAC planned to spend on the 2026 midterms. Musk spent at least $277 million backing President Donald Trump and the GOP during the 2024 election, making him the single biggest donor of the cycle. He's become a prominent political figure as the face of the White House DOGE Office, though he's said stepping back from his government work to focus more on Tesla. In the months since Trump took office, Musk has become something of a political liability. His popularity has sunk, according to recent polling. His super PAC spent at least $15.5 million on a Wisconsin Supreme Court race, only to have his preferred candidate lose. Tesla has also faced significant political reactions, with a widespread Tesla Takedown movement leading to protests and vandalism across the country. In Tuesday's interview, Musk said that he has taken all that's happened with Tesla recently — falling shares compared to last year, the public backlash — personally. He did not answer, though, whether it made him regret his political involvement, instead bemoaning that "massive violence was committed against my companies, massive violence was threatened against me." Representatives for Musk and the White House did not immediately respond to Business a request for comment from Business Insider. Read the original article on Business Insider
Business Insider
20-05-2025
- Business
- Business Insider
Elon Musk says he'll do a 'lot less' political spending in the future
Elon Musk said his era of enormous political spending is over — at least for the time being. The world's richest man said during a video interview at the Qatar Economic forum that he thinks he's "done enough" when it comes to political contributions. "In terms of political spending, I'm going to do a lot less in the future," Musk said. He didn't directly answer when asked if he was making the change because of blowback. "Well, if I see a reason to do political spending in the future, I will do it," Musk said in response. "I do not currently see a reason." He's previously said that his super PAC planned to spend on the 2026 midterms. NEW: Elon Musk says he's cutting back on political spending in the future. 'I think I've done enough.' 'I don't currently see a reason.' — bryan metzger (@metzgov) May 20, 2025 Musk spent at least $277 million backing President Donald Trump and the GOP during the 2024 election, making him the single biggest donor of the cycle. He's become a prominent political figure as the face of the White House DOGE Office, though he's said stepping back from his government work to focus more on Tesla. In the months since Trump took office, Musk has become something of a political liability. His popularity has sunk, according to recent polling. His super PAC spent at least $15.5 million on a Wisconsin Supreme Court race, only to have his preferred candidate lose. Tesla has also faced significant political reactions, with a widespread Tesla Takedown movement leading to protests and vandalism across the country. In Tuesday's interview, Musk said that he has taken all that's happened with Tesla recently — falling shares compared to last year, the public backlash — personally. He did not answer, though, whether it made him regret his political involvement, instead bemoaning that "massive violence was committed against my companies, massive violence was threatened against me."
Business Insider
04-05-2025
- Business
- Business Insider
I visited a retirement home to have a conversation with older Americans about the economy. They were scared.
On Thursday, I pulled into the parking lot at Atria Tanglewood, a senior living facility on the south shore of Long Island, about an hour outside of Manhattan. In a basement-level room, surrounded by wide-brimmed hats left over from the facility's Kentucky Derby party the day before, I talked to four residents about Social Security and their savings. Two lifelong Democrats, an independent, and a formerly "very involved" Republican, none of them support President Donald Trump. Despite having relatively few expenses, all of them are alarmed. Social Security checks as a source of stress In recent months, Trump and the White House DOGE Office have enacted big changes at the Social Security Administration, like staffing cuts that have impacted customer service. Some of the more than 73 million people that claim Social Security benefits are worried about their monthly checks, even though Trump has vowed not to touch the SSA's funding. When asked for comment, a representative for the White House directed Business Insider to a recent press release about the SSA, which highlights "enhancing customer service, reducing waste, fraud, and abuse, and optimizing its workforce." All four of the residents I spoke with are retired and get Social Security, and they each said they've been keeping up with the changes at the SSA. They're still receiving their benefits, but some are nervous about the money. Judy Martin, 89, started receiving benefits in 1992 and said the changes "scare" her. "Our checks get deposited right into a checking account, and every month, I'm very cautious, looking to make sure that they come in," she told me. "I'm just being on the safe side." The same goes for Bob Katz, an 85-year-old former clinical pharmacist: "I've been concerned. Every month I know what it's supposed to be, so I check. So far, so good." Those I spoke to said they mainly put their Social Security money toward rent, but said the checks don't comprise the majority of their monthly income. Martin said if her and her husband's checks are ever delayed, they might not be able to afford their room at Atria Tanglewood anymore. None of those I spoke with said that they think Trump will actually slash Social Security funding — they, like many politicians, think it would be a political nightmare. 'My 401K is a 201K' Even more than their Social Security checks, those I talked to are watching their savings accounts. When I asked if anyone had looked at their 401Ks amid the recent market turmoil, all of them nodded. "I'll oversimplify it: My 401K is a 201K," said Benjamin Meyer, a 78-year-old former alcohol retailer. "Not really. I haven't lost that much, but I don't like what's going on." He said, though, that he believes the money will come back, just like it did after 2008. Martin said she and her husband have lost a chunk of their savings, and she is keeping an eye on the market. "The last time it went down it did come back up, but who knows now what's going to happen?" she said. Judy Perlman, who told me her age is "unlisted," said she and her husband were always conservative with their investments. Now her daughter manages her money, and Perlman doesn't think it's in the stock market, though knows her daughter is stressed. Both Katz and Meyer brought up additional savings, but said the extra money can't last forever. Living at an assisted living facility, the residents I talked to don't have many expenses other than rent. Perlman said she buys gifts for her grandkids; Katz mentioned copays and prescriptions. Perlman said she recently listened to a radio show about past presidents and remembered how much turmoil she's lived through — and forgotten about. "The McCarthy era, remember that? The war?" she asked, being met with nods. "Those of us that are older have been through a lot of different situations and somehow we always manage to get out of it. I'm more fearful now, though."
Yahoo
26-04-2025
- Automotive
- Yahoo
Tesla is promoting 'pre-tariff' EVs in Canada as prices begin to rise
Tesla is encouraging Canadian customers to explore its "pre-tariff" inventory online. Trump imposed 25% tariffs on imported vehicles and parts. Canada retaliated with a similar tariff. Automakers said the tariffs could upend the supply chain and raise prices. Tesla is encouraging customers in Canada to purchase its vehicles at "pre-tariff prices." The company is displaying a small banner atop its website for Canadian shoppers that reads, "Explore pre-tariff priced inventory while supplies last." Clicking the banner lets customers view Tesla's inventory that's not yet been affected by tariffs, including the Model S, Model 3, Model X, Model Y, and the Cybertruck. Tesla's promotion comes in response to President Donald Trump's 25% tariff on imported passenger vehicles and key parts and Canada's similar retaliatory tariffs. Both sets of tariffs went into effect in April and car prices are beginning to rise on both sides of the border. Some Teslas are now over 20% more expensive, according to a site that tracks Tesla prices in Canada. A coalition of automakers, dealers, and suppliers sent a letter to the White House last week, warning that the tariffs would hurt the industry and raise consumer prices. "Tariffs on auto parts will scramble the global automotive supply chain and set off a domino effect that will lead to higher auto prices for consumers, lower sales at dealerships, and will make servicing and repairing vehicles both more expensive and less predictable," the letter said. Representatives for Tesla did not respond to a request for comment from Business Insider. Tariffs aren't Tesla's only problem. Tesla CEO Elon Musk has also been the face of the White House DOGE Office, leading the charge to cut the federal workforce and slash government agencies. Those moves have led to a backlash against Musk, targeting his company, Tesla. The company has weathered protests at Tesla dealerships and stumbling shares. Musk's announcement last week that he would be stepping back from his government work sent the company's stock surging 20%. Read the original article on Business Insider Sign in to access your portfolio
