Election results buoy stock at Texas-based Tesla

seeing dollar signs

Texan Elon Musk stands to benefit from the next president. Photo via cdn.britannica.com

Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its Texas-based CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Washington Post reported that Musk worked illegally in the country while on a student visa. Photo by Justin Sullivan/Getty Images

Texas EV entrepreneur Elon Musk called out over published report that he once worked in the US illegally

he said, he said

President Joe Biden slammed Elon Musk for hypocrisy on immigration after a published report that the Tesla CEO once worked illegally in the United States. The South Africa-born Musk denies the allegation.

“That wealthiest man in the world turned out to be an illegal worker here. No, I’m serious. He was supposed to be in school when he came on a student visa. He wasn’t in school. He was violating the law. And he’s talking about all these illegals coming our way?” Biden said while campaigning on Saturday in Pittsburgh at a union hall.

The Washington Post reported that Musk worked illegally in the country while on a student visa. The newspaper, citing company documents, former business associates and court documents, said Musk arrived in Palo Alto, California in 1995 for a graduate program at Stanford University "but never enrolled in courses, working instead on his startup. ”

Musk wrote on X in reply to a video post of Biden’s comments: “I was in fact allowed to work in the US." Musk added, “The Biden puppet is lying.”

Investors in Musk’s company, Zip2, were concerned about the possibility of their founder being deported, according to the report, and gave him a deadline for obtaining a work visa. The newspaper also cited a 2005 email from Musk to his Tesla co-founders acknowledging that he did not have authorization to be in the U.S. when he started Zip2.

According to the account, that email was submitted as evidence in a now-closed California defamation lawsuit and said that Musk had applied to Stanford so he could stay in the country legally.

Musk is today the world’s richest man. He has committed more than $70 million to help Republican presidential nominee Donald Trump and other GOP candidates win on Nov. 5, and is one of the party's biggest donors this campaign season. He has been headlining events in the White House race’s final stretch, often echoing Trump's dark rhetoric against immigration.

Trump has pledged to give Musk a role in his administration if he wins next month.

There was no immediate response to messages left with X and Tesla seeking Musk’s comment.

If finalized, the measure would protect an estimated 36 million U.S. workers from injuries related to heat exposure on the job — establishing the first major federal safety standard of its kind. Photo via Getty Images

New rule to protect 36 million workers from extreme heat in Texas, beyond

fired up

President Joe Biden on Tuesday proposed a new rule to address excessive heat in the workplace, warning — as tens of millions of people in the U.S. are under heat advisories — that high temperatures are the country's leading weather-related killer.

If finalized, the measure would protect an estimated 36 million U.S. workers from injuries related to heat exposure on the job — establishing the first major federal safety standard of its kind. Those affected by excessive heat in the workplace include farmworkers, delivery and construction workers, landscapers, and indoor workers in warehouses, factories, and kitchens.

Biden highlighted the proposed rule as one of five steps his Democratic administration is taking to address extreme weather as Hurricane Beryl is already ripping through the Caribbean in an ominous sign for the summer.

Biden used his remarks at the D.C. Emergency Operations Center to blast those Republican lawmakers who deny the existence of climate change, saying, “It's not only outrageous, it's really stupid.” Biden noted that there are human and financial costs from climate change, saying that weather-inflicted damage last year cost the economy $90 billion.

“More people die from extreme heat than floods, hurricanes and tornadoes combined,” Biden said. “These climate fueled extreme weather events don’t just affect people’s lives. They also cost money. They hurt the economy, and they have a significant negative psychological effect on people.”

The Democratic president, who's seeking reelection in part on his environmental record, said that the Federal Emergency Management Agency was also finalizing a rule to factor in possible flooding risks for federal construction projects.

In addition, FEMA was announcing $1 billion in grants to help communities deal with natural disasters, while the Environmental Protection Agency was releasing a new report on climate change's impacts. Lastly, Biden said his administration would hold a conference titled “White House Summit on Extreme Heat” in the coming months.

Despite increased awareness of the risks posed to human health by high temperatures, extreme heat protections — for those routinely exposed to heat index readings above 80 degrees Fahrenheit (27 degrees Celsius) — have lagged.

“The purpose of this rule is simple,” a senior White House administration official told reporters. “It is to significantly reduce the number of worker-related deaths, injuries, and illnesses suffered by workers who are exposed to excessive heat ... while simply doing their jobs.”

Under the proposed rule, employers would be required to identify heat hazards, develop emergency response plans related to heat illness, and provide training to employees and supervisors on the signs and symptoms of such illnesses. They would also have to establish rest breaks, provide shade and water, and heat acclimatization — or the building of tolerance to higher temperatures — for new workers.

Penalties for heat-related violations in workplaces would increase significantly, in line with what workplaces are issued for violations of Occupational Safety and Health Administration rules, a senior White House administration official said.

An estimated 2,300 people in the U.S. died from heat-related illness in 2023. From 1992 to 2022, a total of 986 workers across all industry sectors in the U.S. died from exposure to heat, with construction accounting for about 34% of all occupational heat-related deaths, according to the Environmental Protection Agency. During that time, 334 construction workers died due to heat exposure on the job.

As the hottest month of the year gets underway, millions of Americans will be at greater risk of heat strokes, dangerous dehydration and heat-related heart stress.

The Labor Department has been developing a standard for how workplaces deal with heat since 2021. Last year, OSHA held meetings to hear about how the proposed measures could affect small businesses.

The AFL-CIO union federation praised the measure. “If finalized, this new rule would address some of the most basic needs for workers’ health and safety,” said AFL-CIO President Liz Shuler.

Heat protection laws in the U.S. have faced steady industry opposition, including from chambers of commerce and other business associations. Many say a blanket mandate would be difficult to implement across such a wide range of industries.

California, Colorado, Oregon, Minnesota and Washington are the only states with workplace standards for heat exposure. Over the past year, Florida and Texas, led by Gov. Ron DeSantis and Gov. Greg Abbott, both Republicans, passed legislation preventing local governments from requiring heat protections for outdoor workers.

If finalized, the Biden administration's rule would override state standards, and states with existing procedures to deal with heat would have to institute measures at least as stringent as the finalized federal rule.

The OSHA plan was announced as the EPA released a new report on climate change indicators in the U.S. The report, last updated in 2016, highlights data showing the continuing and far-reaching impacts of climate change in the U.S. This year’s report adds heat-related workplace deaths and marine heat waves as climate change indicators.

The report lists 57 indicators related to either the causes or effects of climate change.

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Houston startup lands $1B from Blackstone and Halliburton, plans acquisition

power deal

Houston-based power generation startup VoltaGrid has nailed down a $1 billion equity investment from asset management heavyweight Blackstone and Houston-based oilfield services provider Halliburton.

The investment comes in two forms:

  • A $775 million primary capital raise
  • A $225 million secondary capital purchase from existing investors

VoltaGrid, founded in 2020, provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers.

Aside from the $1 billion investment, VoltaGrid has agreed to buy Propell Energy Technology, a VoltaGrid supplier, for an undisclosed amount. Propell offers a natural gas power generation platform for AI data centers. VoltaGrid plans to add two manufacturing plants at Propell’s facilities in Granbury, a Dallas-Fort Worth suburb.

The investment and acquisition deals are expected to close in mid-2026.

Funds managed by Blackstone Tactical Opportunities are contributing to the $1 billion investment. William Nicholson, managing director of Blackstone, called VoltaGrid “a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes.”

Nathan Ough, founder and CEO of VoltaGrid, said in a release that the Blackstone investment “is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era.”

Last October, VoltaGrid and Halliburton said they had forged a partnership to supply power for data centers around the world, with the Middle East picked as the initial target. Two months later, the companies said they had arranged the manufacturing of 400 megawatts of natural gas power systems that’ll be delivered in 2028 to support new data centers in the Eastern Hemisphere.

Jeff Miller, president and CEO of Halliburton, said his company’s investment in VoltaGrid “reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

Report shows geoscientists earn largest salary premium in Texas

Career Day

A move to Texas bolsters earnings for some, and a new SmartAsset study has revealed the top professions where the median annual earnings in the Lone Star State exceed the national median.

The report, "When it Pays to Work in Texas — and When It Doesn’t," published in April, analyzed over 700 occupations to determine which have the biggest "Texas premium" — meaning jobs where the price-adjusted median annual pay in Texas most exceeds the national median for the same occupation — and which jobs have the biggest “Texas penalty,” where the statewide median annual pay falls furthest below the national median. Salaries were sourced from the U.S. Bureau of Labor Statistics (BLS) and adjusted for regional price parity.

According to the report's findings, geoscientists have the biggest "Texas premium" and make a $159,903 median annual salary. Texas' salary for geoscientists is 61 percent higher than the national median for the same position (after adjusting for regional price parity).

"Texas’s large petroleum industry helps explain why employers in the state retain so many geoscientists," the report's author wrote. "In fact, the Lone Star State is home to more geoscientists than any other state except California."

There are more than 3,600 geoscientists working in Texas, SmartAsset said.

These are the remaining top 10 occupations with the biggest "Texas premiums" (salaries are price-adjusted):

  • No. 2 – Commercial pilots: $167,727 median Texas earnings; 37 percent higher than the national median
  • No. 3 – Sailors: $67,614 median Texas earnings; 36 percent higher than the national median
  • No. 4 – Aircraft structure assemblers: $83,519 median Texas earnings; 35 percent higher than the national median
  • No. 5 – Ship captains: $108,905 median Texas earnings; 27 percent higher than the national median
  • No. 6 – Nursing instructors (postsecondary): $100,484 median Texas earnings; 26 percent higher than the national median
  • No. 7 – Tax preparers: $63,321 median Texas earnings; 25 percent higher than the national median
  • No. 8 – Chemists: $104,241 median Texas earnings; 24 percent higher than the national median
  • No. 9 – Health instructors (postsecondary): $128,680 median Texas earnings; 22 percent higher than the national median
  • No. 10 – Engineering instructors (postsecondary): $129,030 median Texas earnings; 22 percent higher than the national median
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This article originally appeared on CultureMap.com.

Solar manufacturer expands Houston footprint with new 4-gigawatt factory

coming soon

Houston-based SEG Solar plans to open a new 4-gigawatt solar module manufacturing facility in Cypress.

The facility represents more than a $200 million investment and will raise SEG's total annual U.S. module production capacity to approximately 6 gigawatts, according to a new release. The expansion is part of SEG’s long-term goal of becoming one of the largest 100 percent U.S.-owned module manufacturers.

The new 500,000-square-foot facility will be located on Telge Road and is expected to create 800 new jobs, according to reports.

“This new facility marks an important milestone for SEG,” Timothy Johnson, VP of operations, said in the release. “It will further strengthen our U.S. manufacturing capabilities while supporting ongoing technology innovation. The plant is designed with the flexibility to integrate next-generation technologies, including (heterojunction solar technology) as the industry evolves.”

Commercial operations at the new facility are expected to commence in Q3 2026.

SEG is also developing a 5-gigawatt ingot and wafer manufacturing facility in Indonesia. Construction on the facility is expected to begin in Q2 2026.

In 2024, SEG Solar opened a new $60 million, 250,000-square-foot facility in Houston to house its production workshops, raw material warehouses, administrative offices, finished goods warehouses and supporting infrastructure. Read more here.