Published by Springnewsng Media Limited
Date: June 3, 2025
Category: Technology | Markets | Elon Musk

In his first week away from the U.S. government’s controversial Department of Government Efficiency (DOGE), Elon Musk is seeing a flurry of positive developments across his high-profile companies. Notably, Neuralink, Musk’s brain-computer interface startup, secured $650 million in fresh funding, while Tesla reported a 213% year-over-year increase in May vehicle sales in Norway.

The recent activity underscores Musk’s continued influence across the tech and automotive sectors, even amid his temporary break from public service. Neuralink’s funding round was led by top-tier investors including ARK Invest, Founders Fund, Sequoia Capital, Thrive Capital, and Lightspeed Venture Partners. The company aims to revolutionize human-computer interaction by developing brain-computer interfaces that enable direct communication between the brain and external technologies.

Meanwhile, Tesla’s massive sales spike in Norway—driven largely by the revamped Model Y SUV—stands out as a bright spot in an otherwise weak European performance. In contrast, Tesla reported lower May sales in Spain, Portugal, Denmark, and Sweden, as industry data revealed a region-wide decline in electric vehicle demand.

While it’s unclear whether Musk’s departure from DOGE directly influenced these outcomes—both the Neuralink funding and Tesla’s sales surge were likely in motion beforehand—they reinforce a central narrative: Elon Musk’s companies remain powerful players in their respective industries. Tesla continues to maintain a market capitalization exceeding $1 trillion, and Musk is targeting a staggering $120 billion valuation for his AI venture, xAI. For context, competitors Perplexity AI and Anthropic are reportedly seeking valuations of $14 billion and $61.5 billion, respectively.

Still, Musk’s companies aren’t self-driving yet — figuratively or literally. Despite their scale and success, they require active leadership, especially amid evolving regulatory environments and increased competition in AI, EVs, and biotech.

Market Recap:

On Wall Street, U.S. stocks kicked off June with moderate gains:

• S&P 500 rose 0.41%
• Dow Jones Industrial Average added 0.08%
• Nasdaq Composite climbed 0.67%

Asia-Pacific markets extended the momentum Tuesday, with Hong Kong’s Hang Seng Index up 1.17%, and Japan’s Nikkei 225 edging 0.07% higher.

China’s Factory Output Weakens Further

China’s economic recovery showed fresh signs of strain as the Caixin/S&P Global manufacturing PMI dropped to 48.3 in May, from 50.4 in April. The figure not only missed economists’ expectations of 50.6, but also marked the steepest decline since 2022. A key gauge of new export orders plunged to its lowest point since July 2023, highlighting the impact of renewed U.S. tariffs on Chinese goods.

Steel Tariffs Likely to Raise U.S. Prices

Analysts warn that U.S. steel prices are poised to rise sharply following President Donald Trump’s 50% tariff announcement on imported steel. “The U.S. is already a net importer with the highest prices globally. These new tariffs will only intensify that trend,” said Josh Spoores, head of steel Americas analysis at CRU Group.

Investor Insight: Tourism as a Market Indicator

[PRO] Fund manager Giles Parkinson recently made headlines after divesting from luxury brand Moncler, citing a slowdown in international tourist spending—a key bellwether for the luxury sector. His early exit followed Moncler’s 20% share price surge in January and serves as a reminder of the outsized role that global travel patterns play in high-end retail performance.