Technology
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Technology
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Trump goes to bat for Tesla
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The White House is forcefully defending Tesla as Elon Musk's electric vehicle (EV) company suffers from financial woes and faces increasingly violent backlash.
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© Noah Berger, Associated Press file
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President Trump and top administration officials have touted Teslas on the White House lawn and in media appearances, and urged Americans to buy the company's struggling stock.
The Trump administration has also labeled vandalization of Tesla dealerships and vehicles as "domestic terrorism,"and has filed federal charges against those suspected of destructive acts.
The level of support the administration is putting behind the company is unprecedented, especially while Musk is a top adviser to Trump and is leading the efforts to cut federal workers and dismantle agencies.
As backlash to Tesla and Musk grows, the White House is doubling down on its defense of the company and the richest man in the world, who has become a bogeyman for critics who blame him for the overhaul of federal agencies.
“It’s wrong and illegal for the Commerce Secretary to be promoting Tesla stock or any specific stock for that matter,” Sen. Andy Kim (D-N.J.) wrote in a post on X on Thursday.
“It’s also wrong and illegal for people to vandalize and destroy Tesla cars. Corruption and violence both damage our democracy.”
Tesla’s stock has plummeted in recent weeks, falling nearly 38 percent since the beginning of the year and more than 50 percent since late December.
The electric vehicle company, whose share price soared in the wake of Trump’s win in November, has shed more than $500 billion in market value in the first few months of 2025 amid concerns about Musk's attention to the company.
Commerce Secretary Howard Lutnick, in an interview with Fox News, praised Musk as “the best entrepreneur, the best technologist, the best leader of any set of companies in America working for America.” Then, he suggested Americans buy Tesla stock.
“I think, if you want to learn something on this show tonight: Buy Tesla,” Lutnick said. “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.”
Read more in a full report at TheHill.com tomorrow morning.
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Welcome to The Hill’s Technology newsletter, we're Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
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How policy will be impacting the tech sector now and in the future:
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Tesla has recalled nearly all Cybertrucks after identifying a defect that can cause a panel of the pickup truck to fly off. Elon Musk’s electric vehicle company notified the National Highway Traffic Safety Administration (NHTSA) in a report on Wednesday of the recall impacting 46,096 Cybertrucks. A stainless-steel exterior panel on the Cybertruck can delaminate and come off, becoming a “road hazard for following motorists” …
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Attorney General Pam Bondi on Thursday announced three individuals are facing federal charges for allegedly attacking Tesla properties as protests and vandalism hit Elon Musk’s electric vehicle company across the country. Calling the charges a “warning,” Bondi said the three individuals are accused of throwing Molotov cocktails at Tesla dealerships in three different states in recent weeks. “The days of committing …
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Investor Kevin O’Leary slammed Minnesota Gov. Tim Walz (D) over his joke about Elon Musk and Tesla stock, calling it “beyond stupid.” O’Leary, a panel contributor for CNN, weighed in on the recent attacks on Tesla dealerships and the company’s stock dropping as Musk’s involvement in the Trump administration grows in unpopularity among the American people. He slammed Walz, who told a crowd recently that he gets “a …
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DoorDash and Klarna, a company that offers “buy now, pay later” programs, have come together on a deal for deferred and installment food delivery payments. “In the coming months, DoorDash customers will be able to enjoy Klarna’s seamless range of payment options when purchasing groceries, retail, and even DashPass Annual Plan – on DoorDash.com or through the DoorDash app,” according to a webpage on the deal on Klarna’s website. …
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News we've flagged from the intersection of tech and other topics:
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X sues India over 'unrestrained censorship' (TechCrunch)
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Nvidia to spend hundreds of billions on US supply chain (Financial Times)
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Trump takes crypto victory lap
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Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.
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President Trump became the first sitting president to address a crypto industry conference Thursday, marking another sign of strong support for the industry.
During a virtual appearance at the Digital Asset Summit, the president took a victory lap on his crypto-related accomplishments during his first two months in office.
He touted the White House's first-ever crypto summit earlier this month and his executive order establishing a bitcoin reserve and digital asset stockpile.
Trump argued it “will allow the federal government to maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value, which is exactly what [former President] Biden did.”
He also slammed what Republican lawmakers and the crypto industry have labeled “Operation Choke Point 2.0,” contending he has ended “the last administration’s regulatory war on crypto and bitcoin.”
As companies and individuals associated with crypto have lost access to bank accounts in recent years, some accused Biden-era financial regulators of targeting the industry.
The name is a play on a controversial Obama-era initiative that discouraged banks from working with certain “high-risk” businesses, such as payday lenders and firearm retailers.
ICYMI: Coinbase, the largest U.S.-based cryptocurrency exchange, responded to Securities and Exchange Commissioner (SEC) Hester Peirce and the Crypto Task Force's request for information from stakeholders.
Coinbase Chief Policy Officer Faryar Shirzad laid out four key elements the SEC should focus on:
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A clear taxonomy to differentiate digital asset commodities and securities.
- Formal clarity that secondary market sales of digital commodities are not securities transactions.
- Defer to Congress to make market framework.
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Focus on making clear guidelines that "recognize the economic reality of blockchain technology."
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Branch out with other reads on The Hill:
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Trump: Barron’s future may be in technology instead of politics, business
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President Trump suggested that his son’s future might be in technology instead of in following his footsteps in the politics and business fields. Trump was asked by Fox News host Laura Ingraham about his youngest son, Barron Trump, and what the commander in chief sees him pursuing in the future during a wide-ranging interview that aired Wednesday, a day ahead of Barron Trump’s birthday. “Maybe technology,” the president …
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Two key stories on The Hill right now:
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President Trump signed an executive order Thursday seeking to facilitate his longstanding goal of eliminating the Department of Education. While the … Read more
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Senate Republicans want Elon Musk to stop talking about Social Security, and the Department of Government Efficiency to leave it alone. Musk’s statement … Read more
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You're all caught up. See you tomorrow!
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Save story
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The White House is going to bat for Tesla as Elon Musk's electric vehicle (EV) company suffers from financial woes and faces increasingly violent backlash. President Trump and top administration ...
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