Musk Faces Backlash Over Politics

TECH
Musk Faces Backlash Over Politics

Nine-time Grammy-winning singer Sheryl Crow joined the wave of criticism against Elon Musk by ditching her Tesla in protest. She posted on Instagram, "There comes a time when you have to decide who you are willing to align with," signing off with “So long Tesla.” The post garnered around 200,000 likes.

Over the weekend, small protests erupted outside Tesla dealerships in cities like New York and Seattle, where demonstrators chanted slogans like “sell your car” and “don’t buy Swasticars.” The protests reflect growing discontent over Musk’s political influence and involvement in the Trump administration.

Musk, serving as an unofficial advisor with no official government role, is not required to disclose his business interests, leaving Congress with little oversight over his influence. Critics like Fred Lambert, editor of EV news site Electrek, argue that Musk is surrounded by supporters who shield him from criticism, a concern also voiced by early Twitter investor Chris Sacca.

Despite mounting backlash, Musk appeared unbothered, tweeting about the criticism he faces on X, saying, “I am endlessly amused by the infinite indignities I suffer on the very platform that I own.”

However, a recent Quinnipiac poll suggests most Americans do not want Musk involved in the government, raising questions about his future political influence.

FINANCE
China Signals End to Tech Crackdown

European defense stocks surged Monday as NATO allies signaled a need for increased military spending to support Ukraine and deter Russia. London-listed BAE Systems, France’s Thales, and Germany’s Rheinmetall each climbed over 7%. The Stoxx Europe 600 index gained 0.5%, reaching another record close, continuing its strong 2025 rally. Meanwhile, U.S. markets remained quiet due to Presidents Day, though futures pointed slightly higher ahead of key earnings reports from Walmart and Berkshire Hathaway. So far, 383 S&P 500 companies have reported earnings, exceeding expectations by 6.3%, above the historical 4.2% average.

In Asia, Japan’s 10-year bond yields hit a 14-year high of 1.393% after stronger-than-expected GDP growth of 2.8%, fueling speculation of further Bank of Japan rate hikes. Chinese markets were mixed as Xi Jinping met with tech leaders, signaling a shift in policy. Hong Kong’s Hang Seng Index remained flat, while oil prices rose and Bitcoin slipped to $95,500.

FINANCE
Tesla Expands Hiring Ahead of India Launch

Tesla is actively hiring in India, signaling its imminent entry into the market following CEO Elon Musk’s meeting with Prime Minister Narendra Modi in the U.S. The company listed 13 open positions on LinkedIn, including customer engagement, service technician, and delivery operations roles in Mumbai and Delhi.

Tesla has long considered entering India but previously hesitated due to high import duties. However, India recently reduced the basic customs duty on high-end vehicles priced above $40,000 from 110% to 70%, making the market more attractive. While India’s EV industry remains small—selling nearly 100,000 units last year compared to China’s 11 million—it presents a significant opportunity for Tesla amid slowing global sales.

Musk’s meeting with Modi coincided with discussions between the Indian leader and President Donald Trump about trade negotiations and U.S. military sales. Musk’s dual role as a business leader and a key Trump administration figure continues to blur the lines between his corporate and political influence.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.