Invest in Argentina, Musk says in post alongside Milei

By Steve Goldstein

Tesla CEO Elon Musk called on investors to back Argentina in a social-media post with the country's new leader, Javier Milei.

"I recommend investing in Argentina," said Musk in a post in which he gave a thumbs up alongside the Argentina leader, whose free-market libertarian ideas are shaking up the country.

Both Musk and Milei on Monday spoke at the Milken Institute in Los Angeles. Like at Davos, Milei gave a full-throated defense of capitalism.

"Free enterprise capitalism as an economic system is the best instrument that our species has known to end hunger, poverty and extreme poverty all around the world," he said.

Milei gave a special mention of Musk and his desire to reach Mars "because we think that space exploration is part our destiny."

Milei met Musk last month at a Tesla (TSLA) plant in Texas, where according to Argentina's ambassador to the U.S. they discussed lithium. Argentina is estimated to have the world's third-largest lithium reserves.

Milei is credited with bringing down inflation and generating its first quarterly government budget surplus since 2008, in free-market reforms that have triggered vigorous protests domestically.

The Global X MSCI Argentina ETF ARGT has surged 23% this year.

-Steve Goldstein

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05-07-24 0912ET

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