CNBC Daily Open: Elon Musk's companies aren't fully self-driving and await his steering
Jun 03, 2025 - cnbc.com
Elon Musk's companies are experiencing notable developments. Neuralink, his brain tech startup, announced a $650 million funding round with participation from major investors like ARK Invest and Sequoia Capital. Meanwhile, Tesla saw a significant 213% increase in car sales in Norway, driven by the revamped Model Y, despite a general decline in European sales. Musk's departure from the U.S. Department of Government Efficiency appears to have had little impact on these outcomes, highlighting the inherent success of his ventures. Tesla maintains a market capitalization of over $1 trillion, and Musk is seeking a $120 billion valuation for his AI startup xAI, surpassing rivals Perplexity AI and Anthropic.
In other news, U.S. stocks had a modest start to June, while China's factory activity fell sharply in May, with the manufacturing purchasing managers' index dropping to 48.3. The U.S. steel market is expected to see price hikes due to a 50% tariff on imports announced by President Trump. Additionally, American agricultural products are losing ground in China due to tariffs, with Australian beef replacing American beef in some Chinese restaurants.
Key takeaways:
Elon Musk's Neuralink raised $650 million in a funding round with participation from major investment firms.
Tesla's sales in Norway increased by 213% in May, driven by the revamped Model Y, despite a decline in overall European sales.
China's factory activity fell sharply in May, with the manufacturing PMI dropping to 48.3, indicating a contraction.
The U.S. announced a 50% tariff on steel imports, which is expected to increase steel prices domestically.
