Car crash: has Elon Musk damaged his business empire?

车祸:埃隆·马斯克是否损害了他的商业帝国?

Money Talks from The Economist

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2025-04-24

47 分钟
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When Elon Musk took on a new job leading Donald Trump's Department of Government Efficiency, it might have seemed like a savvy move. But while he was busy slashing US federal spending, his business empire was facing serious threats. This week, Tesla revealed its first quarter results. Net income was down 70%, while car revenues were down 20%. On a call with Tesla investors, Mr Musk vowed to take a step back from Doge. But is it too little, too late? And has cosying up to Mr Trump paid off in any way at all? Hosts: Ethan Wu and Tom Standage. Guests: Ross Gerber of Gerber Kawasaki Wealth and Investment Management; Tu Le, founder of Sino Auto Insights; and Chris Quilty, co-founder of Quilty Space. Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+.
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  • If there's one thing you can't fault Elon Musk for,

  • it's his work ethic.

  • So he ran Tesla.

  • He slept at the factory in 2018.

  • He spent his birthday on the roof of the factory in 2018.

  • Ross Gerber was an early investor in Tesla.

  • This was a guy who put his blood, sweat, and tears.

  • And that's why I invested in Tesla, because I was like,

  • Elon's either going to die or the company's going to be successful.

  • Ross' California-based fund first bought shares in the carmaker in 2013.

  • And in the decade or so since, the investment has paid off handsomely.

  • Being such a big and early investor,

  • Ross has gotten to know Musk quite well over the years and has seen him in action.

  • His talent is really building teams and creating a work ethic of success.

  • One of the first times I went to Fremont,

  • I came back and I was like, man, I don't work hard enough.

  • My people don't work hard enough.

  • You know, and we were doing good.

  • You know, my firm does well.

  • But I just realized like, my God, whatever you're thinking,