Later this week President Joe Biden puts the final touches on a major win for his administration, signing the Inflation Reduction Act (IRA) into law. Among a number of initiatives in the $700 billion package are huge investments in new climate initiatives like rebate programs for energy efficient appliances and retrofits, production tax credits and provisions for battery and solar cell manufacturers, and most importantly for the automakers, as tax credits for new and used electric vehicles.
(Bloomberg) -- Prolific tweeter Elon Musk said he is buying British football club Manchester United Plc. in a thread joking about his political allegiances. Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War Onset‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsThese Six Cities Are Emerging as New Expat Hot SpotsAmerica’s $7 Trillion Retirement Crisis Is Only Getting WorseWells Fargo Plans Major Retreat From Mortgage Business It Long Dominate
Tesla Inc Chief Executive Elon Musk said on Tuesday that he backs moderate Republicans as well as moderate Democrats, just three months after announcing that he would vote for Republicans. "To be clear, I support the left half of the Republican Party and the right half of the Democratic Party!" the billionaire wrote on Twitter on the day he was due to attend a fundraiser for top U.S. House of Representatives Republican Kevin McCarthy, according to the New York Times. That fundraiser was to be held in Wyoming, where Republican U.S. Representative Liz Cheney faced a primary challenger from within her own party who former President Donald Trump backed because Cheney supported impeaching him after his supporters stormed the Capitol on Jan. 6, 2021.