Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%. The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%. Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge. After-hours attention focused on Intel (INT...
Elon Musk, the self-proclaimed advocate of free speech, addressed the departure of advertisers from his platform, X (formerly Twitter), following his endorsement of an antisemitic post, with strong language. In an interview at te New York Times (NYT) DealBook conference, Musk responded to the advertisers exercising their own agency by saying, "Go f*** yourself." Musk's confrontational stance towards departing advertisers emphasizes a distorted perspective on open expression. While he freely expresses himself and utilizes the platform to punish perceived adversaries and support allies, he seems to restrict this freedom from others, such as companies choosing where to allocate their advertising funds. Specifically targeting Disney CEO Bob Iger, who explained the company's suspension of advertising on X during the conference, Musk retaliated by labeling the suspensions as "blackmail." He predicted dire consequences, proclaiming that this action would lead to t...