Elon Musk, the CEO of EV maker Tesla (TSLA), is pushing for more transparency and accountability in the U.S. government and has now set his sights on the Federal Reserve. In a series of social media posts, Musk said that he supports the idea of auditing the Federal Reserve due to the need for all government agencies to be transparent and accountable to the people.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Musk’s comments were sparked by a user on X who pointed out that the Federal Reserve has never undergone a full audit or disclosed its monetary policy decisions. While the Fed does release its meeting minutes and full transcripts after a certain period, Musk believes more transparency is needed. He even endorsed former congressman Ron Paul to lead the audit due to his long history of criticizing the Federal Reserve and advocating for greater transparency.
It is also worth noting that Musk’s comments come as Fed Chair Jerome Powell is set to testify before Congress this week. Powell will likely face questions about the Fed’s independence and how political considerations influence its decisions. Musk’s push for greater transparency could add to the scrutiny Powell faces during his testimony.
What Is the Prediction for Tesla Stock?
When it comes to Elon Musk’s companies, most of them are privately held. However, retail investors can invest in his most popular company – Tesla. Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 12 Buys, 12 Holds, and 10 Sells assigned in the past three months, as indicated by the graphic below. After a 96% rally in its share price over the past year, the average TSLA price target of $335.86 per share implies 6.1% downside risk.
