Secretary of Commerce Howard Lutnick used an appearance on Fox News to encourage viewers to buy stock in Tesla, as the company struggles amid Elon Musk’s involvement in the Trump administration.
Although cabinet secretaries traditionally do not endorse individual stocks, Lutnick told viewers of Jesse Watters Primetime that Musk – a “special government employee” of President Donald Trump – was “the best person to bet on” and that Tesla’s stock will “never be this cheap again.”
“I think if you want to learn something on this show tonight, buy Tesla,” Lutnick said. “It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again.”
Lutnick’s remarks come as some Americans are boycotting the electric vehicle maker in response to Musk, the CEO of Tesla, taking on a wide-ranging role in the White House despite not being elected by the public or confirmed by Congress.
Tesla’s stock has dropped more than 30 percentage points over the last month.
Since Trump took office in January, Musk has been elevated to what lawyers describe as a senior adviser role to the president. However, his vast authority has led to the creation of the Department of Government Efficiency – an unofficial team within the Executive Office – which has overseen slash-and-burn cuts to the federal workforce
The public’s anger over Musk’s role has even led some people to vandalize Tesla vehicles.
Lutnick called those actions “outrageous” and defended Musk saying he is the “best technologist”, “the best leader of any set of companies in America” and “the best entrepreneur.”
“I mean who wouldn’t invest in Elon Musk?” Lutnick exclaimed.
Lutnick’s role as secretary of commerce has been subject to scrutiny by some who raised concerns that his deep ties to Wall Street would interfere with his ability to execute his job without conflicts of interest.
In a financial disclosure and ethical disclosure form, Lutnick said he would follow legal requirements and resign from his positions that could create a conflict of interest such as serving as chairman of Cantor Fitzgerald and the brokerage firm BGC.
Part of his agreement also includes not participating in government matters that he, his wife, his minor children or close business partners have a direct financial interest in.
However, it is unclear how closely tied Tesla’s stock is to any assets that those individuals hold.
Lutnick reminded viewers that he is “not allowed” to buy stocks but said he wished he could purchase Tesla stock.
Trump himself promoted Tesla at the White House alongside Musk last week, with the president buying a deep red Model S, with a price tag starting just shy of $80,000.
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