<\/p>\n\n\n\n
By Jade Scipioni @JADESCIPIONI<\/p>\n\n\n\n
Billionaire Elon Musk says he wouldn\u2019t have become the successful entrepreneur he is today if he hadn\u2019t immigrated to the U.S. from South Africa in 1992. But he as a message for the U.S. government about entrepreneurship: \u201cGet out of the way\u201d and let companies innovate.<\/p>\n\n\n\n
\u201cI think its a false dichotomy to look at government and sort of industry as separate…government is…the ultimate corporation,\u201d Musk said Tuesday at the WSJ CEO Summit, calling it a \u201cmonopoly that can\u2019t go bankrupt, or usually cannot go bankrupt.\u201d<\/p>\n\n\n\n
While America is \u201cstill great with respect to innovation and fostering entrepreneurship,\u201d government regulations are holding future endeavors back, Musk said.<\/p>\n\n\n\n
\u201cI think we want to be cautious about the gradual creep of regulations and bureaucracy,\u201d Musk said. If the government keeps making more rules without doing away with others that are not working, eventually, Musk said, \u201cwe will be able to do nothing.\u201d<\/p>\n\n\n\n
Instead Musk believes government should merely act as \u201creferees\u201d to establish the rules of the game and ensure the right rules are properly enforced. \u201cThat\u2019s an important rule for government to ensure that the rules are correct and that the incentives are what we actually want them to be for,\u201d Musk said at the WSJ CEO Summit.<\/p>\n\n\n\n
Where the government goes wrong, Musk said, is \u201cwhen they want to not just be a referee on the field, they want to be a player on the field.\u201d<\/p>\n\n\n\n
Musk added that he thinks it\u2019s incredibly important that the government focus on incenting \u201cthe outcome, not the path.\u201d<\/p>\n\n\n\n
Musk, now 49, arrived in North America at the age of 17 with only \u201d$2,000, a backpack & a suitcase full of books,\u201d he tweeted in 2018. Today, Musk is the second richest person in the world with an estimated net worth of $147 billion, according to Bloomberg\u2019s Billionaire Index.<\/p>\n\n\n\n
Originally published at cnbc.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" By Jade Scipioni @JADESCIPIONI Billionaire Elon Musk says he wouldn\u2019t have become the successful entrepreneur he is today if he hadn\u2019t immigrated to the U.S. from South Africa in 1992. But he as a message…<\/p>\n","protected":false},"author":1,"featured_media":3745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[9,8],"tags":[35],"class_list":["post-3744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-international","tag-elon-musk"],"jetpack_publicize_connections":[],"yoast_head":"\n