Tesla CEO and X owner Elon Musk, who supports Republican presidential nominee former U.S. President Donald Trump, gestures as he speaks about voting during an America PAC Town Hall in Folsom, Pennsylvania, U.S., October 17, 2024.
Rachel Wisniewski | Reuters
Elon Musk said Saturday that he would randomly award $1 million a day to registered voters who sign a petition for his pro-Trump political action committee in an effort to get his fans in swing states to the polls.
Speaking at an America PAC event in Harrisburg, Pennsylvania, Musk said, “I have a surprise for you,” adding that the prize money is available “every day from now until the election.”
Musk then called up a man named John Dreher, who he said was one of the petition signees in attendance, and handed him a giant check.
“I think think is kind of fun, and you know, it seems like a good use of money basically,” said the Tesla CEO, who is worth almost $250 billion.
Musk, who is also CEO of defense contractor SpaceX and owner of social media platform X, embarked on a speaking tour in Pennsylvania to drive voter registration in his support of the Republican nominee. He called the state the “linchpin” in this election.
“How Pennsylvania goes I think is how the election goes,” Musk said.
The deadline to sign the petition is Monday night, which is the day Pennsylvania’s voter registration closes. The petition, posted on the America PAC website, said that to be eligible for payments, signees “must be registered voters of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, or Wisconsin.”
Rick Hasen, a UCLA law professor and NBC news election law analyst, said in a blog post that Musk’s initiative appears to be a violation of federal election laws, specifically one that says a person who “pays or offers to pay or accepts payment either for registration to voteor for voting shall be fined not more than $10,000 or imprisoned not more than five years, or both.”
“Certain things in this country can be sold, and certain things we have decided should not be for sale,” Hasen told CNBC in an interview. “Congress has determined you should not be able to sell your vote to the highest bidder, and we should not have the political process distorted by people with the most wealth who may try to get you to vote in a certain way.”
CNBC reached out to Musk and one of his advisors for comment, but they didn’t respond.
In an interview with NBC’s “Meet the Press” on Sunday, Pennsylvania Democratic Gov. Josh Shapiro said Musk’s plan to give money to registered voters in his state is “deeply concerning” and “it’s something that law enforcement could take a look at.”
Floating conspiracy theories
At pro-Trump events, Musk has pushed debunked voter fraud conspiracies, called for deregulation, and repeatedly characterized President Biden and Vice President Kamala Harris, Trump’s rival, as replaceable “puppets.”
“No one’s even bothering to try to kill Kamala, you know, because there’s no point,” Musk said on Saturday, repeating a line he’s used in the past that caught the attention of the secret service. “I’m not suggesting someone should try to kill her, it would be pointless, but I’m just saying. I’m just making an observation.”
Musk said in his appearances that he views many government agencies and regulations in the U.S. as ineffective and unnecessary. Trump has taken up an idea floated by Musk to create a government efficiency commission, and said the tech magnate would be a big part of the commission.
“We should not trust the government, really. We just shouldn’t,” Musk said Harrisburg. “Even if I’m in the government, don’t trust the government.”
While Musk’s companies have long relied on government spending and support, he’s berated the Federal Communications Commission, the Environmental Protection Agency, Federal Aviation Administration and National Oceanic and Atmospheric Administration Fisheries for holding SpaceX back.
“We get crazy things,” Musk said, “like SpaceX got fined $140,000 for dumping potable drinking water on the ground at Starbase.”
As CNBC previously reported, SpaceX has repeatedly discharged hot, industrial wastewater into the wetlands surrounding the company’s launch pad in Boca Chica, Texas, which the EPA found was a Clean Water Act violation.
SpaceX Falcon Heavy rocket with the Clipper spacecraft sits on launch pad 39A before the launch at the Kennedy Space Center in Florida on October 14, 2024.
Chandan Khanna | Afp | Getty Images
Musk mocked NOAA Fisheries for asking SpaceX to conduct a study to predict how its rockets could impact sharks and whales if they fall into the ocean.
“I’m like, it’s a big ocean, you know, there’s a lot of sharks. It’s not impossible, but it’s very unlikely,” Musk said. The agency’s mission is to “conserve America’s coastal and marine resources.”
Musk’s animosity towards President Biden picked up in 2021, when the White House declined to invite Tesla to an electric vehicle summit.
“You know, Tesla’s about 140,000 people — it’s like there’s a lot of blood, sweat and tears from people working hard to make great electric cars,” Musk said on Saturday. “To be could-shouldered like that for no reason. It’s like, what’s the deal?”
Musk has long battled unions, and Tesla was charged with union-busting before the EV summit. Biden has maintained a pro-labor platform throughout his presidency.
One attendee in Harrisburg asked Musk if he believed that self-driving cars should eventually be mandatory if they can perform more safely in traffic than human drivers. Tesla has promised customers a “robotaxi” for years, but never produced one.
Musk suggested he was against anything federally mandated.
“We should just get the government out of things and let the market figure it out,” he said. “I’m generally against government. With that, I’d like to thank you all for coming. It’s been an honor to speak with you.”
Musk only mentioned Trump sparingly throughout the evening, and didn’t discuss his policies or record as president in any detail.
Altimeter Capital CEO Brad Gerstner said Thursday that he’s moving out of the “bomb shelter” with Nvidia and into a position of safety, expecting that the chipmaker is positioned to withstand President Donald Trump’s widespread tariffs.
“The growth and the demand for GPUs is off the charts,” he told CNBC’s “Fast Money Halftime Report,” referring to Nvidia’s graphics processing units that are powering the artificial intelligence boom. He said investors just need to listen to commentary from OpenAI, Google and Elon Musk.
President Trump announced an expansive and aggressive “reciprocal tariff” policy in a ceremony at the White House on Wednesday. The plan established a 10% baseline tariff, though many countries like China, Vietnam and Taiwan are subject to steeper rates. The announcement sent stocks tumbling on Thursday, with the tech-heavy Nasdaq down more than 5%, headed for its worst day since 2022.
The big reason Nvidia may be better positioned to withstand Trump’s tariff hikes is because semiconductors are on the list of exceptions, which Gerstner called a “wise exception” due to the importance of AI.
Nvidia’s business has exploded since the release of OpenAI’s ChatGPT in 2022, and annual revenue has more than doubled in each of the past two fiscal years. After a massive rally, Nvidia’s stock price has dropped by more than 20% this year and was down almost 7% on Thursday.
Gerstner is concerned about the potential of a recession due to the tariffs, but is relatively bullish on Nvidia, and said the “negative impact from tariffs will be much less than in other areas.”
He said it’s key for the U.S. to stay competitive in AI. And while the company’s chips are designed domestically, they’re manufactured in Taiwan “because they can’t be fabricated in the U.S.” Higher tariffs would punish companies like Meta and Microsoft, he said.
“We’re in a global race in AI,” Gerstner said. “We can’t hamper our ability to win that race.”
YouTube on Thursday announced new video creation tools for Shorts, its short-form video feed that competes against TikTok.
The features come at a time when TikTok, which is owned by Chinese company ByteDance, is at risk of an effective ban in the U.S. if it’s not sold to an American owner by April 5.
Among the new tools is an updated video editor that allows creators to make precise adjustments and edits, a feature that automatically syncs video cuts to the beat of a song and AI stickers.
The creator tools will become available later this spring, said YouTube, which is owned by Google.
Along with the new features, YouTube last week said it was changing the way view counts are tabulated on Shorts. Under the new guidelines, Shorts views will count the number of times the video is played or replayed with no minimum watch time requirement.
Previously, views were only counted if a video was played for a certain number of seconds. This new tabulation method is similar to how views are counted on TikTok and Meta’s Reels, and will likely inflate view counts.
“We got this feedback from creators that this is what they wanted. It’s a way for them to better understand when their Shorts have been seen,” YouTube Chief Product Officer Johanna Voolich said in a YouTube video. “It’s useful for creators who post across multiple platforms.”
CEO of Meta and Facebook Mark Zuckerberg, Lauren Sanchez, Amazon founder Jeff Bezos, Google CEO Sundar Pichai, and Tesla and SpaceX CEO Elon Musk attend the inauguration ceremony before Donald Trump is sworn in as the 47th U.S. president in the U.S. Capitol Rotunda in Washington, Jan. 20, 2025.
Saul Loeb | Via Reuters
Technology stocks plummeted Thursday after President Donald Trump’s new tariff policies sparked widespread market panic.
Apple led the declines among the so-called “Magnificent Seven” group, dropping nearly 9%. The iPhone maker makes its devices in China and other Asian countries. The stock is on pace for its steepest drop since 2020.
Other megacaps also felt the pressure. Meta Platforms and Amazon fell more than 7% each, while Nvidia and Tesla slumped more than 5%. Nvidia builds its new chips in Taiwan and relies on Mexico for assembling its artificial intelligence systems. Microsoft and Alphabet both fell about 2%.
The drop in technology stocks came amid a broader market selloff spurred by fears of a global trade war after Trump unveiled a blanket 10% tariff on all imported goods and a range of higher duties targeting specific countries after the bell Wednesday. He said the new tariffs would be a “declaration of economic independence” for the U.S.
Companies and countries worldwide have already begun responding to the wide-sweeping policy, which included a 34% tariff on China stacked on a previous 20% tax, a 46% duty on Vietnam and a 20% levy on imports from the European Union.
China’s Ministry of Commerce urged the U.S. to “immediately cancel” the unilateral tariff measures and said it would take “resolute counter-measures.”
The tariffs come on the heels of a rough quarter for the tech-heavy Nasdaq and the worst period for the index since 2022. Stocks across the board have come under pressure over concerns of a weakening U.S. economy. The Nasdaq Composite dropped nearly 5% on Thursday, bringing its year-to-date loss to 13%.
Trump applauded some megacap technology companies for investing money into the U.S. during his speech, calling attention to Apple’s plan to spend $500 billion over the next four years.