British government had ‘constructive’ talks with Musk’s X over disinformation, minister says
As the riots raged in the U.K., Elon Musk began making incendiary comments about the situation, including the statement: “Civil war is inevitable.” Musk is the owner of X, the social media platform formerly known as X.
Aytug Can Sencar | Anadolu | Getty Images
LONDON — The U.K. government has had “constructive” talks with Elon Musk’s social media site X over the spread of misinformation and other harmful content, technology minister Peter Kyle told CNBC Friday.
Kyle told CNBC’s Arabile Gumede that the government had been in contact with all the major social media platforms — including Musk’s X — over the summer about misinformation and the role they have in propagating harmful material.
The minister said that, although he hasn’t had direct contact with Musk himself, he is “in touch often with his local chief executives here in the United Kingdom.”
“So far, it has been a constructive set of conversations,” he said, adding that, though there are “differences” in views between the two parties, they talk them through.
Citizens and governments around the world have higher expectations about social media platforms today and the role they play in keeping people safe and mitigating potential harms stemming from their products, Kyle said.
“It is a privilege having access to the British economy and society. And I just expect any company that comes to work here and aspires to sell products and services into our country to respect that,” he added.
Kyle’s comments to CNBC come after misinformation spread online after a knife attack at a Taylor Swift-themed dance class in northwest England sparked far-right, anti-immigration riots — with shops and mosques being attacked in towns across the country.
Multiple social media users at the time spread false information about the alleged perpetrator, who has since been charged with murder and attempted murder, claiming he was an asylum seeker.
During the riots, Musk, who owns X, made comments about the situation in the U.K., calling Prime Minister Keir Starmer “two-tier Keir” in reference to the conspiracy theory that police were treating white far-right protesters and rioters more harshly than minority groups.
He also suggested the unrest could end up resulting in a civil war, saying in an X post: “Civil war is inevitable.” Musk’s comments were condemned by the U.K. government.
Last week, the Financial Times reported that British lawmaker Dawn Butler, a frontrunner to become next chair of the parliamentary committee on science, innovation and technology, wants to summon Musk to face questions from members of parliament, if elected.
The newspaper reported that Butler’s rival for the position, fellow Labour lawmaker Chi Onwurah, also supports an inquiry into how algorithms drive misinformation on social media services.
Labour’s Kyle, whose official title is the secretary of state for science, innovation and technology, suggested that summoning Musk to the U.K. was being viewed as a last resort, but added that “innovators” like the Tesla and SpaceX CEO must have a “respectful relationship with us a country.”
The minister also told CNBC he is assessing whether he needs additional powers to regulate social media companies over the dissemination of harmful content online.
“I’m assessing on an ongoing basis whether I need extra powers to do so,” he said. “Right now, I want to assess and have conversations with those companies.”
Come early 2025, British regulator Ofcom will have the power to fine firms as much as 10% of their global annual revenues and even jail senior managers if they are found to be in breach of the Online Safety Act, or OSA — which is a sweeping set of rules requiring effective policing of illegal content by digital platforms.
U.K. politicians and campaign groups have called for the implementation of the OSA to be expedited to help tackle events like the summer riots.
Sources familiar with the matter told CNBC last month that the government is looking at a review of the legislation, but the timeline on when this would happen remains unclear.
Ofcom has said it has to finish consulting on codes of conduct for the tech companies before implementation can begin. A government spokesperson told CNBC earlier this year that its “immediate focus is getting the Online Safety Act implemented quickly and effectively.”
However, this spokesperson added, “our message to social media companies remains clear: There is no need to wait — you can and should take immediate action to protect your users.”
Tesla CEO Elon Musk attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025.
Hamad I Mohammed | Reuters
Tesla’s shares have finally turned positive for the year.
After a dismal first quarter, which was the worst for the stock in any period since 2022, and a brutal start to April, following President Donald Trump’s announcement of sweeping new tariffs, Wall Street has again rallied around the electric vehicle maker.
The stock rose 3.6% on Monday to $410.26, topping its closing price of 2024 by over $6. It’s up 85% since bottoming for the year at $221.86 on April 4. A new filing revealed that CEO Elon Musk purchased about $1 billion worth of shares in the company through his family foundation.
It’s the second straight year Tesla has bounced back after a down first quarter. Last year, the shares fell 29% in the first three months before ending up 63% for 2024.
In recent weeks, analysts have praised the EV maker’s proposed pay plan for Musk, which could amount to a $1 trillion windfall for the world’s richest person over the next decade. The company has also gotten a boost from its new MegaBlocks battery energy storage systems that Tesla ships preassembled to businesses looking to lower their power costs or make greater use of electricity from renewable resources.
Even with the rebound, Tesla is the second-worst performer this year among tech’s megacaps, ahead of only Apple, which is down about 5% in 2025. Tesla is still in the midst of a multi-quarter sales slump due to an aging lineup of EVs and increased competition from lower-cost competitors in China, namely BYD.
Tesla has seen a consumer backlash, in part because of Musk’s political activities, including spending nearly $300 million to propel President Trump back to the White House and his work with the Trump administration to slash the federal workforce.
Tesla leadership has been working to shift investors’ attention to other topics such as robotaxis and humanoid robots.
However, the company has yet to deliver vehicles that are safe to use without a human onboard and ready to take control if needed. And while Musk is touting Tesla’s Optimus robots, which he says will be able to do everything from factory work to babysitting, a product is still a long way from hitting the market.
WATCH: Musk’s share purchase
Google CEO Sundar Pichai gestures to the crowd during Google’s annual I/O developers conference in Mountain View, California on May 20, 2025.
Camille Cohen | Afp | Getty Images
Alphabet has joined the $3 trillion club.
Shares of the search giant jumped more than 4% on Monday, pushing the company into territory occupied only by Nvidia, Microsoft and Apple.
The stock got a big lift in early September from an antitrust ruling by a judge, whose penalties came in lighter than shareholders feared. The U.S. Department of Justice wanted Google to be forced to divest its Chrome browser, and last year a district court ruled that the company held an illegal monopoly in search and related advertising.
But Judge Amit Mehta decided against the most severe consequences proposed by the DOJ, which sent shares soaring to a record. After the big rally, President Donald Trump congratulated the company and called it “a very good day.”
Alphabet shares are now up more than 30% this year, compared to the 15% gain for the Nasdaq.
The $3 trillion milestone comes roughly 20 years after Google’s IPO and a little more than 10 years after the creation of Alphabet as a holding company, with Google its prime subsidiary.
CEO Sundar Pichai was named CEO of Alphabet in 2019, replacing co-founder Larry Page. Pichai’s latest challenge has been the surge of new competition due to the rise of artificial intelligence, which the company has had to manage through while also fending off an aggressive set of regulators in the U.S. and Europe.
The rise of Perplexity and OpenAI ended up helping Google land the recent favorable antitrust ruling. The company’s hopes of becoming a major AI player largely ride with Gemini, Google’s flagship suite of AI models.
Technology
Bessent: TikTok deal ‘framework’ reached with China, Trump and Xi will finalize it Friday
Samuel Boivin | Nurphoto | Getty Images
The U.S. and China have reached a ‘framework’ deal for social media platform TikTok, Treasury Secretary Scott Bessent said Monday.
“It’s between two private parties, but the commercial terms have been agreed upon,” he said from U.S.-China talks in Madrid.
Both President Donald Trump and Chinese President Xi Jinping will meet Friday to discuss the terms. Trump also said in a Truth Social post Monday that a deal was reached “on a ‘certain’ company that young people in our Country very much wanted to save.”
Bessent indicated that the framework could pivot the platform to U.S.-controlled ownership.
TikTok did not immediately respond to a request for comment.
The comments came during the latest round of trade discussions between the U.S. and China. Relations have soured between the two countries in recent months from Trump’s tariffs and other trade restrictions.
At the same time, TikTok parent company ByteDance faces a Sept. 17 deadline to divest the platform’s U.S. business or face being shut down in the country.
U.S. Trade Representative Jamieson Greer said Monday that the deadline may need to be pushed back to get the deal signed, but there won’t be ongoing extensions.
Congress passed a law last year prohibiting app store operators like Apple and Google from distributing TikTok in the U.S. due to its “foreign adversary-controlled application” status.
But Trump postponed the shutdown in January, signing an executive order in January that gave ByteDance 75 more days to make a deal. Further extensions came by way of executive orders in April and in June.
Commerce Secretary Howard Lutnick said in July that TikTok would shutter for Americans if China doesn’t give the U.S. more autonomy over the popular short-form video app.
As for who controls the platform, Trump told Fox News in June that he had a group of “very wealthy people” ready to buy the app and could reveal their identities in two weeks. The reveal never came.
He has previously said he’d be open to Oracle Chairman Larry Ellison or Tesla CEO Elon Musk buying TikTok in the U.S. Artificial intelligence startup Perplexity has submitted a bid for an acquisition, as has businessman Frank McCourt’s Project Liberty internet advocacy group, CNBC reported in January.
Trump told CNBC in an interview last year that he believed the platform was a national security threat, although the White House started a TikTok account in August.
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