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 stated that the U.S. has been a beneficiary of expertise from India, whereas including that the H1-B visa program had been misused by firms.
In a podcast with Indian entrepreneur Nikhil Kamath aired Sunday, Musk stated that whereas some firms had been utilizing the H-1B visa to rent overseas workers 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 employees 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 skills.”
“I am definitely not within the faculty of thought that we should always shut down the H-1B program,” Musk stated, including that it could be “very dangerous.”
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 assist of Trump, Musk stated he tried to dissuade the president from taking the tariff route, however was unsuccessful.
“I believe usually free commerce is best” Musk stated, 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 economic system, “then why would you like tariffs between international locations?” he stated.
The Tesla CEO, who spearheaded the formation of the Division of Authorities Effectivity that was lately disbanded with eight months left to its mandate, in accordance with Reuters, stated “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 take care of the U.S. to decrease levies.
Within the podcast with Kamath protecting a variety of subjects, Musk additionally laid out his imaginative and prescient for the long run, forecasting that working shall be non-obligatory in lower than 20 years and cash as an idea would “disappear.”
Power is the true foreign money, Musk stated. “This is the reason I stated bitcoin is predicated on power. You possibly can’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.
