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Commerce Secretary Faces Backlash for Promoting Tesla Stock on Fox News

Howard Lutnick's remarks raise ethical concerns over potential conflicts of interest and legal violations linked to his indirect Tesla holdings.

U.S. commerce secretary Howard Lutnick wants Americans to buy stock in Tesla, the company of Trump advisor Elon Musk, claiming the price will only go up.
"It's unbelievable that this guy's stock is this cheap. It'll never be this cheap again," Commerce Secretary Howard Lutnick said of Elon Musk's EV company, Tesla.
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Overview

  • Howard Lutnick, U.S. Commerce Secretary, publicly urged Fox News viewers to buy Tesla stock, calling Elon Musk 'the best person to bet on.'
  • Critics argue Lutnick's comments may violate ethics rules and the Hatch Act, which prohibits federal officials from using their positions for financial gain.
  • Lutnick's indirect ownership of Tesla stock through Cantor Fitzgerald, a firm that recently upgraded Tesla's stock rating, has intensified concerns about conflicts of interest.
  • Tesla's stock has dropped over 50% from its record highs, with Lutnick's comments coming during a period of financial struggles and growing protests against the company.
  • Elon Musk's advocacy for Lutnick's appointment and his significant donations to Donald Trump have highlighted the administration's close ties to Tesla.