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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Hertha Metals named world's  No. 1 most innovative manufacturing co. of 2026

top innovators

Led by Conroe-based Hertha Metals, five organizations in the Houston area earned shoutouts on Fast Company’s list of the World’s Most Innovative Companies of 2026.

Hertha Metals ranked No. 1 in the manufacturing category.

Last year, Hertha unveiled a single-step process for steelmaking that it says is cheaper, more energy-efficient and just as scalable as traditional steel manufacturing. It started testing the process in 2024 at a one-metric-ton-per-day pilot plant.

At the same time, Hertha announced more than $17 million in venture capital funding from investors such as Breakthrough Energy, Clean Energy Ventures, Khosla Ventures, and Pear VC.

“We’re not just reinventing steelmaking; we’re redefining what’s possible in materials, manufacturing, and national resilience,” Laureen Meroueh, founder and CEO of Hertha, said at the time.

Meroueh was also recently named to Inc. Magazine's 2026 Female Founders 500 list.

Hertha, founded in 2022, says traditional steelmaking relies on an outdated, coal-based multistep process that is costly, and contributes up to 9 percent of industrial energy use and 10 percent of global carbon emissions.

By contrast, Hertha’s method converts low-grade iron ore into molten steel or high-purity iron in one step. The company says its process is 30 percent more energy-efficient than traditional steelmaking and costs less than producing steel in China.

Last year, Hertha said it planned to break ground in 2026 on a plant capable of producing more than 9,000 metric tons of steel per year. In its next phase, the company plans to operate at 500,000 metric tons of steel production per year.

Here are Fast Company’s rankings for the four other Houston-area organizations:

  • Houston-based Vaulted Deep, No. 3 in catchall “other” category.
  • XGS Energy, No. 7 in the energy category. XGS’ proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere hot rock is located. While Fast Company lists Houston as XGS’ headquarters, and the company has a major presence in the city, XGS is based in Palo Alto, California.
  • Houston-based residential real estate brokerage Epique Realty, No. 10 in the business services category. Epique, which bills itself as the industry’s first AI brokerage, provides a free AI toolkit for real estate agents to enhance marketing, streamline content creation, and improve engagement with clients and prospects.
  • Texas A&M University’s Nanostructured Materials Lab in College Station. The lab studies nano-structured materials to make materials lighter for the aerospace industry, improve energy storage, and enable the creation of “smart” textiles.

CERAWeek crowns winners of 2026 clean tech pitch competition

top teams

Twelve teams from around the country, including several from Houston, took home top honors at this year's Energy Venture Day and Pitch Competition at CERAWeek.

The fast-paced event, held March 25, put on by Rice Alliance, Houston Energy Transition Initiative and TEX-E, invited 36 industry startups and five Texas-based student teams focused on driving efficiency and advancements in the energy transition to present 3.5-minute pitches before investors and industry partners during CERAWeek's Agora program.

The competition is a qualifying event for the Startup World Cup, where teams compete for a $1 million investment prize.

PolyJoule won in the Track C competition and was named the overall winner of the pitch event. The Boston-based company will go on to compete in the Startup World Cup held this fall in San Francisco.

PolyJoule was spun out of MIT and is developing conductive polymer battery technology for energy storage.

Rice University's Resonant Thermal Systems won the second-place prize and $15,000 in the student track, known as TEX-E. The team's STREED solution converts high-salinity water into fresh water while recovering valuable minerals.

Teams from the University of Texas won first and second place in the TEX-E competition, bringing home $25,000 and $10,000, respectively. The student winners were:

Companies that pitched in the three industry tracts competed for non-monetary awards. Here are the companies named "most-promising" by the judges:

Track A | Industrial Efficiency & Decarbonization

Track B | Advanced Manufacturing, Materials, & Other Advanced Technologies

  • First: Licube, based in Houston
  • Second: ZettaJoule, based in Houston and Maryland
  • Third: Oleo

Track C | Innovations for Traditional Energy, Electricity, & the Grid

The teams at this year's Energy Venture Day have collectively raised $707 million in funding, according to Rice. They represent six countries and 12 states. See the full list of companies and investor groups that participated here.

TotalEnergies $1B payout shows evolution in Trump's anti-wind strategy

Shift in the Winds

The Trump administration’s $1 billion payout to TotalEnergies to walk away from U.S. offshore wind development is a novel tactic against the industry that supporters see as creative — but opponents see as foolish and extreme.

The Interior Department announced March 23 that TotalEnergies agreed to what is essentially a refund of its leases for projects off the coasts of North Carolina and New York, and will invest the money in a liquefied natural gas export terminal in Texas and other fossil fuel projects instead. The department hailed it as an “innovative agreement” with the French energy giant so that the "American people will no longer pay for ideological subsidies that benefited only the unreliable and costly offshore wind industry.”

The tactical shift comes after federal courts have thwarted President Donald Trump's efforts to stop offshore wind through executive action.

U.S. Sen. Chuck Schumer, a New York Democrat, told The Associated Press that the payment “sets a dangerous precedent and is a shortsighted misuse of taxpayer dollars.”

Robin Shaffer, president of the anti-offshore wind group Protect Our Coast New Jersey, applauded what he called “out of the box” thinking. Shaffer said after losing in the courts, the administration needed a way to take back leases that never should have been issued because of the harm offshore wind development causes to the marine environment.

“The Trump administration has been relentlessly creative in its efforts to stop offshore wind development in the U.S.," he said.

While the Republican president has been particularly hostile to offshore wind, he has also blocked dozens of clean energy projects and canceled billions of dollars in grants to promote clean energy, which he derides as the “Green New Scam.” This comes at a time when the U.S. is trying to boost power supplies in an artificial intelligence race against China and keep electricity bills from rising even higher.

The Iran war has also dealt a massive energy shock to the global economy by choking off most exports of crude oil and liquefied natural gas through the Strait of Hormuz.

A vow to stop offshore wind

On the campaign trail, Trump vowed to end the offshore wind industry as soon as he returned to the White House. Trump said wind turbines are horrible and expensive and pose a threat to birds and other wildlife.

Connecticut is getting power from Revolution Wind, an offshore wind project, and estimates it will lower wholesale energy costs for the state. The National Audubon Society, which is dedicated to the conservation of birds, has said climate change is a greater threat to birds.

Trump has long opposed offshore wind energy. In 2015, he lost his yearslong battle to stop an offshore wind farm near Aberdeen in eastern Scotland when Britain’s Supreme Court unanimously ruled against him. Trump claimed the 11 turbines would spoil the view from his golf course.

He wants to boost production of oil, natural gas and coal, which cause climate change, because he argues that doing so would give the U.S. the lowest-cost energy and electricity of any nation in the world.

His first day back in office, he acted on his campaign promise, signing an executive order temporarily halting offshore wind lease sales in federal waters and pausing permitting for all wind projects.

The deal comes after the administration is thwarted by the courts

U.S. District Judge Patti Saris vacated Trump’s executive order blocking wind energy projects on Dec. 8, declaring it unlawful as she sided with state attorneys general from 17 states and Washington, D.C., who challenged the order. The administration is appealing.

Two weeks later, the administration ordered that construction stop on five major East Coast offshore wind projects, citing national security concerns. Developers and states sued, and federal judges allowed all five to resume construction, essentially concluding that the government didn't show that the national security risk was so imminent that construction must halt.

TotalEnergies wasn't one of those; it had already paused its two projects soon after Trump was elected. And the company has now pledged not to develop any new offshore wind projects in the United States. CEO Patrick Pouyanné said the refunded lease fees will finance the construction of a liquefied natural gas plant in Texas and the development of its oil and gas activities, calling it a “more efficient use of capital” in the U.S.

Kit Kennedy, who directs the power division at the Natural Resources Defense Council, said the proposed payment to TotalEnergies was a “boondoggle” that “transfers nearly $1 billion from American taxpayers to a foreign corporation and the oil and gas industry.”

Why is the U.S. using taxpayer dollars “to not develop power when we need energy?” she asked, calling the Trump administration deal a “scam” and harmful to the U.S. economy and environment.

Carl Tobias, a University of Richmond Law School professor who has been following the lawsuits, called it “unorthodox.”

Democrats criticize stopping offshore wind when energy prices are spiking

As crude oil and gasoline prices surge, Democrats in Virginia said the U.S. should be strengthening its energy independence and resilience. Virginia started receiving power on March 23 from an offshore wind project targeted by Trump.

“Giving an energy company $1 billion of taxpayer money to pack up its jobs and invest elsewhere — in the middle of an unpopular and unwise war that is spiking energy costs — is beyond idiotic,” U.S. Sen. Tim Kaine said in a statement to AP.

U.S. Rep. Chellie Pingree, a Maine Democrat, questioned whether the payout is legal under appropriations law and said she would question Interior Secretary Doug Burgum about it at the upcoming budget hearings.

Dozens of commercial leases issued by the Bureau of Ocean Energy Management remain active for wind energy development in the U.S.

Abigail Dillen, president of Earthjustice, said she wouldn't attempt to guess whether the Trump administration will pay to stop any others, but clearly it is willing to go to extreme measures.

“Will they do this again? Maybe,” she said.