Tesla Bear Criticizes David Sacks for Disregarding the Working Class
【Summary】President Biden expressed support for unionization at Tesla and Toyota during a speech. Entrepreneur David Sacks criticized Biden's comments, claiming they represented an outdated view. Tesla bear Gordon Johnson called Sacks a "rich man" who disrespects workers, citing Tesla's lower average salaries compared to GM and Ford. Johnson argued that unions don't stifle innovation and that automakers can offset increased labor costs through other means.
President Joe Biden expressed his support for unionization at Tesla and Toyota while speaking at the United Auto Workers union in Belvidere, Illinois. This statement by the president did not come as a surprise, according to Silicon Valley Entrepreneur David Sacks, who is a friend of Tesla CEO Elon Musk. Sacks criticized Biden's push for unionization, calling it an "archaic view of the past."
Sacks noted that the White House did not invite Tesla to the EV Summit it hosted because the company is not a union shop. He criticized the president for giving credit for the EV revolution to companies like General Motors instead. Sacks argued that Tesla's innovation is due to its non-unionized nature, which allows for more flexibility in implementing its vision.
Tesla bear Gordon Johnson responded to Sacks' comments by suggesting that the venture capitalist was referring to a time when middle-class families could support themselves through union jobs. Johnson pointed out that Tesla workers make significantly less on average compared to employees at GM and Ford.
In response to a user who claimed that unions stifle innovation, Johnson argued that this is a misconception and that automakers like Ford and GM will offset the labor costs by adding high-margin software-based content to their vehicles. Tesla's stock ended the day down 5.46% due in part to a Reduce rating from HSBC.
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