Facebook co-founder says free markets are a myth, U.S. needs new capitalism so everyone can prosper

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CNBC 28 April, 2021 - 04:19pm 34 views

Who is Elon Musk?

Elon Musk, (born June 28, 1971, Pretoria, South Africa), South African-born American entrepreneur who cofounded the electronic-payment firm PayPal and formed SpaceX, maker of launch vehicles and spacecraft. britannica.comElon Musk | Biography & Facts

When is Tesla earning call?

Earnings announcement* for TSLA: Apr 26, 2021 Tesla, Inc. is expected* to report earnings on 04/26/2021 after market close. The report will be for the fiscal Quarter ending Mar 2021. According to Zacks Investment Research, based on 6 analysts' forecasts, the consensus EPS forecast for the quarter is $0.44. nasdaq.comTesla, Inc. Common Stock (TSLA) Earnings Report Date

Facebook co-founder Chris Hughes told CNBC on Wednesday he believes the U.S. government should take a more active role in building an economic system that delivers broad prosperity.

In an interview on "Squawk Box," Hughes said the new kind of capitalism he envisions is hardly an outlier position following decades of widening disparities between rich and poor Americans.

"What I'm trying to do is describe the broad common sense in America, which, I think, believes that capitalism can work but that there are many varieties of capitalism," Hughes said, adding the way it has been operating "has not worked for most people."

"Instead, we need to have a capitalism where markets are managed, where we have smart regulation, where we have public investment, where we have macro economic management," said Hughes, who left Facebook more than a dozen years ago to work for Barack Obama's 2008 presidential campaign.

Hughes is now co-chair of the Economic Security Project, which is focused on advancing projects and research around a guaranteed income and tougher antitrust enforcement in the U.S.

Hughes said antitrust is actually an area where some elements of the capitalist system he's describing are already embraced by people on both sides of the American political spectrum.

"There's a new majority on the left and the right that says government has got to step in, not to penalize any big company for doing something wrong but to create a fair market in the first place so that small businesses can flourish," said Hughes, who two years ago called for Facebook to be broken up.

He has said he liquidated his Facebook stock in 2012 and acknowledged he made a fortune from his time working at the company. However, he wrote in a 2018 LinkedIn post that his ability to "make half a billion dollars for three years of work" demonstrates that something "is profoundly wrong with our economy."

Hughes said he sees Americans from various backgrounds "throwing out the idea that markets were ever free." The concept of a truly free market in the U.S., he added, is really just "a turn of phrase. It's an idea. It's a myth that's sort of dominated the discourse."

People in the U.S. also are recognizing "we need to have public investment to create the kind of prosperity that the country needs to see," he said. As evidence, he pointed to the government's crucial support for the U.S. economy in response to the coronavirus pandemic and the Great Recession before it.

"The idea that if you can just let markets go that they're sort of natural or beautiful or chaotic, that just doesn't work," Hughes said. "Government steps in every time that they come apart."

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Former Tesla board member on earnings and China competition

CNBC Television 28 April, 2021 - 05:10pm

Tesla changes Model S and Model X delivery timeframes for new orders only

Teslarati 28 April, 2021 - 05:10pm

Tesla has once again changed the timeline for delivery for the Model S and Model X vehicles, which underwent a “Refresh” earlier this year to update the design. The revised delivery timeframes apply to new orders only and not to those who have already ordered and placed deposits for either of the all-electric vehicles.

The Model S variants now have the following delivery timelines for each available variant:

The Model X also had revised timelines for its two variants.

The changes in delivery timeframe were first spotted by Tesla investor @SawyerMerritt.

The fact that the revised delivery timelines only apply to new orders and not existing ones likely means that demand for the two cars is healthy, and Tesla is booked out for each of the variants for several months. The Long Range Model S variant having a delay that spans longer than the Plaid variant likely means that more people are interested in the range that the Model S Long Range offers than the performance that comes with the Plaid variant.

The Model S is set to begin deliveries shortly, according to Tesla’s Q1 2021 Update Letter, where it outlined the imminent deliveries for Model S powertrains.

Tesla has encountered several delays with the new Model S and Model X variants. The automaker spent several weeks retooling the Fremont factory where the cars will be produced. Along with that, a parts shortage shut down the Fremont factory for several days in March, and Elon Musk also said that the cars’ designs were being refined.

CEO Elon Musk talked about the delays during the Q1 2021 Earnings Call:

The newly displayed delivery timeframes align with Musk’s insights during the Earnings Call.

While the cars are not necessarily major contributors to the company’s increasing delivery and production figures, they are still produced for sentimental reasons. Tesla also felt that the two cars needed a rejuvenation, which ultimately led to the redesigned interior and slightly modified exterior of both cars.

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