White House Hosts Tech Leaders, Tesla Stock Rises 1.33%

On Thursday, the White House hosted a dinner for top technology and business leaders in the newly renovated Rose Garden. This event marked another significant interaction between the administration and the tech industry, with over twenty prominent figures in attendance. Notable guests included the founder of Meta, the CEO of Apple, the co-founder of Microsoft, and the CEO of OpenAI. Other attendees included the co-founder of Google, the CEO of Palantir, and the CEO of Oracle. The dinner followed a human intelligence-themed event hosted by the First Lady, highlighting the administration's focus on artificial intelligence and technological innovation.

The CEO of Tesla and SpaceX was notably absent from the event. Previously, the CEO had served as a special government employee during the early days of the administration, leading the "Government Efficiency Department" to reduce federal government waste and fraud. However, this initiative sparked controversy and ultimately led to the CEO's resignation in May. Following the resignation, the CEO and the administration had a falling out over government spending issues, with both parties exchanging criticisms on the social media platform X. The CEO confirmed receiving the dinner invitation but stated that a representative would attend in their place.

The relationship between the administration and the CEO has been described as both cooperative and contentious. While the CEO has supported the administration's re-election efforts, their political activities have at times put pressure on Tesla's sales. In March, the administration even held a promotional event for Tesla at the White House, with the President personally purchasing a red Model Y to boost sales. Despite the CEO's absence from the White House dinner, investors seemed unfazed, with Tesla's stock price rising 1.33% to close at 338.53 dollars, ending a four-day losing streak.

The administration's relationship with tech giants has been both close and complex. During the administration's second term, companies like Meta, Apple, Microsoft, and Google have collaborated with the government on issues such as artificial intelligence and manufacturing reshoring. However, there have also been tensions over regulatory and trade policies. The dinner at the White House highlighted the administration's efforts to garner support from tech giants while also underscoring the challenges faced by the industry in an uncertain regulatory and trade environment.