Monday, May 29, 2023

Elon Musk loves Joe Biden

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Hello. In a long phone interview with Vivienne Walt from Fortune Last week the richest man in the world (sorry, JB) pounced on the new US president. “I am delighted that the new administration is focusing on the climate,” he said.

Musk fans can tell you that his political views have long leaned to the right, on many issues. He fought unionization in his factories, and in 2018 donated far more to Republicans than to Democrats.

But his turnaround on Biden should come as no surprise. The Biden team is considering a variety of measures to encourage electric cars and tackle climate change – which can only mean more money in Musk’s pocket. He recognizes a new reality in the climate debate of a decade or two ago. Businesses regularly opposed climate talks because they feared the taxes and regulations that flow from them. But one person’s tax is another’s subsidy. And today, some of the biggest companies – Tesla included (No.7 by market cap in the S&P 500) – are the recipients.

More news below. And here is your fact of the day: for the first time in 37 years, Budweiser goes do not advertise in the Super Bowl. Guess the Clydesdales are in quarantine.

Alan murray


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