FT News Briefing Elon Musk goes to Washington
17 snips
Nov 12, 2024 Incredible cash inflows into exchange-traded funds have shattered previous records, signaling market momentum. Elon Musk’s backing of Donald Trump hints at his rising political clout and the intertwining of corporate ambitions with politics. Meanwhile, Thames Water faces a financial maelstrom, caught between hedge fund proposals and the pressure for risky loans. The struggle underscores a broader concern over predatory lending practices, raising questions about customer impact and corporate responsibility.
AI Snips
Chapters
Transcript
Episode notes
ETF Boom
- Exchange-traded funds (ETFs) experienced record inflows, exceeding $1.4 trillion by October 2024.
- This surge surpasses the full-year record of 2021, driven by equity ETFs and a buying spree following Trump's election.
Musk's Motives
- Musk's alignment with Trump potentially benefits his companies facing regulatory challenges like Tesla, SpaceX, and X.
- His ideological stance against "woke" culture and support for free speech also contributed to his support.
Musk's Support for Trump
- Elon Musk actively campaigned for Trump, spending two weeks in Pennsylvania and over $100 million.
- This support demonstrates Musk's increasing alignment with right-wing causes and his business interests.