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Elon Musk reacts throughout a press occasion with U.S. President Donald Trump (not pictured), on the White Home in Washington, D.C., U.S., Could 30, 2025.
Nathan Howard | Reuters
Tesla CEO Elon Musk mentioned that the U.S. has been a beneficiary of expertise from India, whereas including that the H-1B visa program had been misused by firms.
In a podcast with Indian entrepreneur Nikhil Kamath aired Sunday, Musk mentioned that whereas some firms had been utilizing the H-1B visa to rent overseas staff at a “fraction of the price of an American citizen,” his companies recruit to make up for the “shortage of gifted individuals.”
U.S. President Donald Trump in September raised the H-1B visa charges to $100,000, disproportionately affecting Indians staff that make up greater than 70% of H-1B visa holders. Trump final month appeared to melt his stance on H1-B visas, saying in an interview to Fox Information that overseas labor was wanted at instances as a result of U.S. didn’t have “sure abilities.”
“I am actually not within the faculty of thought that we must always shut down the H-1B program,” Musk mentioned, including that it might be “very unhealthy.”
Musk, whose relationship with the U.S. president seems to be on the mend having soured in Could over Trump’s spending invoice, additionally raised considerations over the U.S. administration’s tariff coverage. As soon as a detailed support of Trump, Musk mentioned he tried to dissuade the president from taking the tariff route, however was unsuccessful.
“I believe typically free commerce is best” Musk mentioned, including that tariffs create distortions in markets. If tariffs at a person stage, or inside every state of U.S. can be disastrous for the financial system, “then why would you like tariffs between international locations?” he mentioned.
The Tesla CEO, who spearheaded the formation of the Division of Authorities Effectivity that was just lately disbanded with eight months left to its mandate, in keeping with Reuters, mentioned “the president has made it clear he loves tariffs.”
Trump has levied “reciprocal” tariffs on dozens of nations, with a number of managing to strike a cope with the U.S. to decrease levies.
Within the podcast with Kamath overlaying a variety of subjects, Musk additionally laid out his imaginative and prescient for the long run, forecasting that working will likely be elective in lower than 20 years and cash as an idea would “disappear.”
Vitality is the true foreign money, Musk mentioned. “For this reason I mentioned bitcoin relies on power. You may’t legislate power.”
Bitcoin and different cryptocurrencies have seen a pointy sell-off over the previous two months as investor temper sours on digital property.
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