Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Biden wishes Elon Musk 'luck' on moon trip after job cut plans

Economy Jun 03, 2022 02:50PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. U.S. President Joe Biden delivers remarks on the monthly U.S. jobs report, at the Rehoboth Beach Convention Center, in Rehoboth Beach, Delaware, U.S., June 3, 2022. REUTERS/Tom Brenner
 
JPM
+1.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TSLA
-1.14%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TWTR
+0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Andrea Shalal and Trevor Hunnicutt

REHOBOTH BEACH, Del. (Reuters) -U.S. President Joe Biden compared Tesla (NASDAQ:TSLA) unfavorably to Ford on Friday, while sarcastically wishing Chief Executive Elon Musk "lots of luck" on his "trip to the moon" after the billionaire expressed reservations about the economy.

Musk wrote in an email to executives that he has a "super bad feeling" about the U.S. economy and needed to cut about 10% of jobs at the electric carmaker, Reuters reported earlier on Friday.

Asked by Reuters about Musk's comments, Biden suggested maybe the issue was with Tesla.

"While Elon Musk is talking about that, Ford is increasing their investment overwhelmingly," Biden said. "Ford is increasing investment and building new electric vehicles. Six thousand new employees, union employees I might add, in the Midwest."

"So, you know, lots of luck on his trip to the moon," he added.

Musk replied on Twitter (NYSE:TWTR): "Thanks Mr President!" with a link referencing NASA's April 2021 award of a $2.9 billion contract to Musk's SpaceX to build a spacecraft to bring astronauts to the moon.

It is not the first salty exchange between the 79-year-old commander-in-chief, who admits to an occasional Irish temper, and South Africa-born Musk, 50, who became the world's wealthiest man as a serial entrepreneur but has turned his attention to U.S. political debates and a Twitter takeover.

Biden has made electric vehicles (EVs) the centerpiece of a plan to make the United States a manufacturing powerhouse, compete with China and thwart climate change. But he has lavished far more attention on Musk's unionized competitors in Detroit.

Musk has frequently fired off harsh tweets directed at the president, complaining about the lack of acknowledgement and has been critical of Biden's union-first, subsidy-heavy approach to building the EV market.

Musk said last month he would no longer vote for members of Biden's Democratic Party because they have "become the party of division & hate."

He promised to restore Republican former President Donald Trump's access to Twitter after acquiring the social media platform.

Tesla delivered results beyond Wall Street forecasts in April, after raising prices to stave off inflation pressures stalking the auto industry.

Shares fell more than 8% on Friday after Reuters published the report on Musk's email, as investors worried the CEO's remarks signaled problems ahead. On Tuesday, Musk said workers not coming into the office for 40 hours per week would be let go.

Before Biden's comment on Musk, the president had just given a speech of his own touting higher-than-expected U.S. job growth in May and rebuffing criticism of his handling of inflation, which is perched near 40-year highs.

But he warned that job growth could slow in the coming months as the Federal Reserve raises interest rates to cool inflation.

"We aren't likely to see the kind of blockbuster job reports month after month like we had over this past year," he said. "But that's a good thing. That's a sign of a healthy economy."

JPMorgan Chase & Co (NYSE:JPM) Chairman Jamie Dimon said this week that "you gotta brace yourself" for a coming economic "hurricane."

Other executives and analysts, however, have said the strong U.S. labor market, consumer savings and robust demand could help the economy achieve a "soft landing" to more sustainable growth at lower levels after a speedy recovery from the COVID-19 pandemic.

Biden wishes Elon Musk 'luck' on moon trip after job cut plans
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Nils Hullmann
Nils Hullmann Jun 04, 2022 4:13AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dems will lose house and Senat lying about economic data won't safe sleepy joe
Chad Richer Than You
Chad Richer Than You Jun 03, 2022 4:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Short $TSLA to the ground
Chad Richer Than You
Chad Richer Than You Jun 03, 2022 4:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Musk Foundation donated $25 million to non-profits half of which to Musk himself xD
Chad Richer Than You
Chad Richer Than You Jun 03, 2022 4:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Well done Biden mocking the self-centric sociopath
Jt Overstreet
Jt Overstreet Jun 03, 2022 2:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I love how you can still say racist s%&t like "Irish temper".
Paco Venezia
Paco Venezia Jun 03, 2022 12:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Elon has a super bad feeling😹. Ya, you should you're about to crash your car company, and of course it's everyone else's fault
michael ferko
michael ferko Jun 03, 2022 12:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think he left his mind up there
Ed Kutch
Ed Kutch Jun 03, 2022 12:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Maybe Elon can take Joe with him. I think he has already been there and can show Elon around!
Johann W.
Johann W. Jun 03, 2022 12:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nah, that was Hunter while high in the basement!!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email