Bizarre Elon Musk Tweet Hikes Andrew Yang’s 2020 Odds by 50%

Bizarre Elon Musk Tweet Hikes Andrew Yang’s 2020 Odds by 50%

Democratic presidential hopeful Andrew Yang received an unexpected, though terse, endorsement on Saturday, scoring the support of none other than Tesla CEO Elon Musk.

That’s right, the con-man extraordinaire himself tweeted out his support for the venture capitalist’s presidential run.

Andrew Yang’s 2020 Democratic Presidential Primary Odds Pop

The endorsement sent Andrew Yang’s betting odds on the real money New Zealand-based prediction exchange, PredictIt, from $0.08 to as high as $0.11 – a nearly 50 percent increase.

Elon Musk’s endorsement appeared to trigger a major spike in Andrew Yang’s odds of winning the 2020 Democratic presidential primary. | Source: PredictIt

Yang is still a distant fifth, trailing Joe Biden, Elizabeth Warren, Kamala Harris, and Bernie Sanders.

But…Why Join the ‘Yang Gang?’

Why would Elon Musk support Andrew Yang, when Republicans are generally considered to be more business-friendly than Democrats?

That depends on who we ask. Elon Musk will tell us one thing, but he will never tell us the real truth.

When asked about Andrew Yang’s proposal for a $1,000 monthly universal basic income, Elon Musk replied:

That obviously wins points with Democrats. True to Elon Musk, however, such a policy is also impossible to implement. A $12,000 annual universal basic income for 300 million Americans would see the government literally giving away $3.6 trillion per year.

Considering the annual US budget is $4.8 trillion, the cost is prohibitive and could never be covered by Andrew Yang’s plan to pay for it with a tax of businesses that rely on innovation. For that matter, what idiot would tax innovation? Taxing anything stifles growth.

The Real Reason Why Elon Musk Loves Andrew Yang

Yet the real reason Elon Musk is endorsing Andrew Yang, and why he would likely endorse almost any Democrat over virtually any Republican, is because he’s a government rent-seeker.

That is, Elon Musk sucks as much money as he can from the government to fund all his crazy ventures. The list borders on the ridiculous.

Elon Musk wants a president who will keep the subsidy train rolling. | Source: REUTERS/Kyle Grillot

Tesla picked up a $3 billion subsidy from California for a Tesla factory and $1.3 billion to build a battery factory in Nevada. There’s the $750 million from New York to create a solar panel factor in Buffalo, which came along with a 10-year exemption from property taxes worth $250 million.

He also grabbed $500 million in solar power grants from the Treasury Department, along with $517 million in California’s emissions tax credits.

Elon Musk further scored a $45 million loan from the Department of Energy at discounted rates, $285 million in federal income tax credits to give to Model S purchasers, along with about $256 million in other incentives.

Finally, as a fellow venture capitalist, Andrew Yang will be very sympathetic to the Tesla boss pushing for new ways to waste taxpayer money.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

This article is protected by copyright laws and is owned by CCN Markets.

Former New York Stock Exchange President Thomas Farley took the gloves off in a savage takedown of Elon Musk and his complicated relationship with the truth, asking: “How do you even triage the false and misleading claims that come out of Tesla to decide which ones to take issue with?” His statement came in response to a CNBC anchor’s news piece that the National Highway and Transportation Safety…

Billionaire Elon Musk is thrilled that car aficionado Jay Leno is a Tesla lover who’s confident that electric cars are the future of the auto industry. Musk tweeted his approval of Leno’s prior remarks, when he said that the days of gasoline-fueled cars are coming to an end. “Jay Leno really knows his cars!” Musk gushed. And @JayLeno really knows cars! — Elon Musk (@elonmusk) August 7, 2019…

It looks like Elon Musk is having a great week. SpaceX’s starship projects appear to be progressing nicely, and the Tesla CEO is dreaming of Mars more fervently than ever. Unfortunately for Musk, his greatest rival and the world’s richest man, Jeff Bezos, just sold a record amount of Amazon stock ($2.8 billion) which he can now plunge into his space travel company, Blue Origin. Elon Musk Rivalry…

You have to give Elon Musk a lot of credit. By creating some kind of news every single day about any one of his ventures, he is not only guaranteed to always be in the news, but he’s able to create a smokescreen that distracts people and investors from the fact that he’s just selling turbocharged snake oil. Only a genius can recover from the fact that Tesla cars explode. Free Stuff From Elon and…

When it comes to assessing a company’s culture, you always want to listen to the rank-and-file employees. In the case of Tesla, one such employee has gone on the record and eviscerated how Elon Musk and his lieutenants are managing the $42 billion company. A video interview with a former Tesla employee, posted on the Tesla fan website LikeTeslaKim.com, should give every Tesla owner and investor…

Don’t look now, but Tesla is having a good day. While much of the broader stock market traded under pressure, Tesla managed to eke out some gains in the final session of the week. It wasn’t by much, as TSLA was only up a fraction of a percent, but considering that most other stocks in the tech-laden index got pummeled, it’s an impressive feat from Elon Musk’s unpredictable company. In addition to…

Read More