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Tesla and Space X CEO Elon Musk expressed his admiration for Argentina President Javier Milei’s leadership in restoring the country’s stature.
What Happened: On Monday, Musk took to X to laud Milei’s efforts in reviving the South American nation. He wrote, “President Javier Milei is doing an incredible job restoring Argentina to greatness!”
In response, the president showed gratitude, saying, “Thank you very much for your words.”
Musk also wrote, “The free market works incredibly well,” while reacting to an X post that outlined how Milei’s policies resulted in a boom in housing supply and a drop in rentals.
Indeed, the capital city, Buenos Aires, has recorded a sharp spike in rental housing since the Milei administration passed the deregulation decree in December last year, according to El Economista, a Spanish daily. The real prices of rent have also dropped by 20%.
Once again, Milei reacted to Musk’s support, this time with a purported jab at Brazil. He said, “FENÓMENO BARRIAL,” which translated to “neighbourhood phenomenon.”
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Why It Matters: This isn’t the first time Musk has shown support for Milei. The two met earlier this year at the 27th annual Milken Institute Global Conference. Significant bonhomie was on display between the two free-market proponents, with Musk also recommending investing in Argentina.
Milei secured victory in the November elections after promising large cuts in public spending to address Argentina's fiscal deficit and increasing inflation. His libertarian stance is also reflected in his support for Bitcoin (CRYPTO: BTC), making him one of the very few heads of state to openly endorse the asset.
His government achieved the first budget surplus in over 12 years, after being in office for just nine weeks. However, the Argentine President has also faced flak over his austerity measures, with his critics saying that millions in the country are paying the price as public sector jobs face the ax.
Meanwhile, Musk’s own social media platform, X, has been facing challenges in Argentina’s northeastern neighbor, Brazil. The platform was recently banned in Brazil following a protracted conflict between the Brazilian Supreme Court and the tech mogul.
Image via Shutterstock
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