Tesla's Elon Musk calls government aid to oil and gas companies 'questionable'
The Trump administration is working on a plan for the industry
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Elon Musk, CEO of electric carmaker Tesla, thinks the government's planned aid to U.S. oil and gas companies affected by the coronavirus pandemic is not "greatest use of money."
In reply to a Twitter user Wednesday, the billionaire tech mogul said: "Frankly, much of the stimulus money is questionable, but this much to oil & gas seems especially so."
TESLA ZOOMS TOWARD RECORD 10-DAY WINNING STREAK
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
President Trump has asked Treasury Secretary Steven Mnuchin and Energy Secretary Dan Brouillette to form a plan to help the hard-hit industry.
West Texas Intermediate crude oil futures turned negative for the first time in history Monday as demand plunged and inventories filled up. The declines continued this week.
SPACEX CEO ELON MUSK TO LAUNCH ANOTHER STARLINK SATELLITE
"Obviously it's a pretty extraordinary situation where you see the front month of oil futures trade negative," Mnuchin said during Tuesday’s coronavirus task force briefing.
The surplus of oil comes after the COVID-19 outbreak grounded flights, cruises and has mostly forced all but essential workers off the roads and working from home.
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Tesla delivered a record 88,400 vehicles in the first quarter despite the shutdown of both its Fremont, California, and Shanghai production facilities amid the pandemic.
The company is scheduled to report its first-quarter earnings next week.
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