President-elect Donald Trump has spoken out about the increasing political influence of Tesla Inc. CEO Elon Musk. At the Turning Point USA’s AmericaFest conference, Trump dismissed suggestions that he had “ceded the presidency” to Musk, pointing to the Constitution’s natural-born citizen requirement.
What Happened
Trump stated, “No, he’s not going to be president, that I can tell you. And I’m safe. You know why? He can’t be. He wasn’t born in this country.” This statement highlights the eligibility requirements for the presidency, which include being a natural-born citizen of the United States.
Background
Earlier this week, Trump and Musk played a significant role in derailing Republican House Speaker Mike Johnson’s proposed emergency spending measure, forcing lawmakers to scramble for a last-minute alternative to avoid a government shutdown. Democrats have jokingly referred to Musk as “President Musk” due to his growing political influence.
Concerns About Musk’s Influence
Musk’s increasing presence in political circles has raised concerns among national security experts about potential conflicts of interest, given his extensive business dealings with foreign governments. His companies, including SpaceX and Tesla, maintain significant government contracts, with SpaceX providing critical services to NASA and the Pentagon. Tesla’s substantial manufacturing presence in China has also drawn scrutiny.
Market Impact
Tesla’s stock dropped 3.46% on Friday, closing at $421.06, but rose 0.53% in after-hours trading. Year-to-date, the EV giant’s shares are up 69.5%. The latest ratings from Baird, Mizuho, and Goldman Sachs set an average price target of $446.67, indicating a potential upside of 5.53%.
Key Points
- Trump denies conceding presidency to Musk, citing birthplace as disqualifier
- Musk’s growing political influence has raised concerns about potential conflicts of interest
- Tesla’s stock has been impacted by the recent developments, with a potential upside of 5.53%
- National security experts have expressed concern about Musk’s business dealings with foreign governments
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