Rep. Connolly calls for an investigation into Lutnick asking Americans to buy Tesla stock

Source Cryptopolitan

House Oversight and Accountability Committee ranking member Virginia Representative Gerry Connolly is asking for an investigation into Commerce Secretary Howard Lutnick over comments he made asking Americans to buy Tesla stock in a Wednesday FOX News interview. 

In a March 20 letter addressed to John K. Guenther, acting general counsel for the Department of Commerce, Connolly requested an inquiry into Lutnick’s remarks, made during an appearance on Fox News’s “Jesse Watters Primetime.” 

The Virginia lawmaker claims that Lutnick’s statements violate ethical standards and are part of the Trump administration’s supposed efforts to support the businesses of the president’s allies.

Connolly: Secretary Lutnick promoted Tesla

Speaking to FOX, Lutnick called the company’s CEO, Elon Musk, “the best leader of any set of companies in America working for America.” He said Tesla’s stock price drop of 34.6% was “unbelievable” and asked viewers to buy it. “It’ll never be this cheap again,”

This has not boarded well with Rep Connolly and other Democrats, owing to Musk’s position as a White House advisor.

This is just the latest example of the Trump administration using taxpayer resources to enrich the President’s inner circle,” Connolly wrote in his letter. He has requested financial disclosures from Lutnick and his deputy, along with electronic communications between Commerce Department officials and the White House before Lutnick’s televised remarks.

Liberal policymakers assert that President Trump has no regard for regulatory oversight and is operating in a way that would enrich those who supported him during his campaign back to the Oval Office, Tesla CEO included. 

Two months ago, Trump dismissed dozens of independent agency watchdogs without congressional approval. Under the Musk-founded official government office, the Department of Government Efficiency (DOGE), more federal agencies, including the Consumer Financial Protection Bureau, are facing mass layoffs.

In his letter, Connolly accused Musk of wielding undue influence over government operations, benefiting from taxpayer funds while overseeing deep staffing cuts. 

These ongoing violations of law require a response befitting of the level of abuse to deter further lawlessness,” Connolly wrote.

Defending Tesla and DOGE from Democrats’ grievances 

Since taking up his role in Washington, Elon Musk has been in a neck-on-neck battle with liberals over trying to cut waste and fraud in US government expenditures. He argues that his budget-cutting measures are necessary to eliminate fraud and inefficiency in government spending. 

On Tuesday, he told Fox News that the pushback against his work was fueled by people angry about losing taxpayer dollars.

When you take away the money people get fraudulently, they get very upset,” Musk said. “They basically want to kill me because I’m stopping their fraud, and they want to hurt Tesla because we are stopping this terrible waste and corruption in the government.

At the same time, some citizens have taken the fight and protests to Tesla, with reports of vandalism targeting the company’s vehicles and dealerships.

Republicans and Musk are bashing Democrats for allegedly “disparaging” the electric vehicle company and asking their supporters to “not buy Tesla.” Yet observers have pointed out that many of the same policymakers have previously attacked corporations for promoting values they oppose and also celebrated financial setbacks faced by those businesses.

Lutnick: Elon Musk is the best person to bet on

Lutnick had many positive things to say about the billionaire in his FOX News appearance. For one, he claimed Musk was one of the frontrunners in the rescue operation of astronauts stuck in the International Space Station for nine months through SpaceX, despite NASA’s decision to delay the mission until the company was fully prepared.

When people understand the things he’s building, the robots he’s building, the technology he’s building, people are going to be dreaming of today and Jesse Watters, thinking, ‘Gosh, I should have bought Elon Musk’s stock,’” Lutnick said. “I tell you what, Elon Musk is probably the best person to bet on I’ve ever met.”

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Tesla Q2 Earnings Preview: Record Deliveries Fail to Hide Profit Pressure, Can Musk Rely on AI and Autonomous Driving to Unlock New Growth Space?Tesla ( TSLA) will release its second-quarter financial results after the U.S. market close on July 22, Eastern Time. As one of the most closely watched technology and automotive companie
Author  TradingKey
8 hours ago
Tesla ( TSLA) will release its second-quarter financial results after the U.S. market close on July 22, Eastern Time. As one of the most closely watched technology and automotive companie
placeholder
Crude Oil Price Forecast: Worsening US-Iran Tensions Support Oil Prices Breaking Above $90, Can Brent Crude Return to $100?As of the Asian session on July 20, Brent crude ( UKOIL) opened higher and moved higher today, attempting to break through the $90 mark during intraday trading, reaching a high of $91.42.
Author  TradingKey
8 hours ago
As of the Asian session on July 20, Brent crude ( UKOIL) opened higher and moved higher today, attempting to break through the $90 mark during intraday trading, reaching a high of $91.42.
placeholder
WTI surges above $83.00 amid escalating US-Iran conflictWest Texas Intermediate (WTI) oil price opened at a bullish gap, trading around $83.50 per barrel during the Asian hours on Monday.
Author  FXStreet
17 hours ago
West Texas Intermediate (WTI) oil price opened at a bullish gap, trading around $83.50 per barrel during the Asian hours on Monday.
placeholder
Gold Price Forecast: Cooling Inflation Fails to Offset Fed Hawkish Pressure, Gold Price May Fall to $3,500As of the Asian session on July 17, gold prices ( XAUUSD ) fluctuated around $4,000. However, it is worth noting that gold closed at $3,969.41 yesterday, confirming a break below the $4,0
Author  TradingKey
Jul 17, Fri
As of the Asian session on July 17, gold prices ( XAUUSD ) fluctuated around $4,000. However, it is worth noting that gold closed at $3,969.41 yesterday, confirming a break below the $4,0
placeholder
TradingKey Daily Market Brief: Gold Falls Below $4,000, TSMC’s Strong Earnings Fail to Stop AI Trade Cooling, Chip Stocks Sold OffTracking Market TrendsTradingKey - On July 16, Eastern Time, the three major US stock indexes closed down collectively. Although US economic data performed robustly and the start of the Q2 earnings se
Author  TradingKey
Jul 17, Fri
Tracking Market TrendsTradingKey - On July 16, Eastern Time, the three major US stock indexes closed down collectively. Although US economic data performed robustly and the start of the Q2 earnings se
goTop
quote